Are you self employed and wondering if you can get a mortgage to purchase a Beacon Hill condo for sale? According to a recent Zillow study conducted the self-employed receive significantly fewer purchase loan quotes even though they make roughly 80% more money than other prospective borrowers. One major factor contributing to the struggles of the self-employed getting a mortgage is their credit score being below 680. Do not let your credit score get you down as a self-employed individual as this is only one piece of the mortgage process. Make sure that you have a great presentation to deliver to your lender so they have something to leverage other than that lower credit score.

When getting approved for loans lenders look at eight items for a successful mortgage with specific rules pertaining to what they will accept and what they will not accept. If you get a good grasp on these eight items and work with your loan representative to present yourself in a way that makes you shine it will make the process a little less frightening. Here are some details on the eight items loan representatives are most interested in looking at: Credit Score, Occupancy, Property Type, Loan Product, Loan Amount, Loan to Value Ratio, Debt to Income Ratio, and Reserves after you Close.

Credit scores

Credit scores higher than 740 will be eligible for all loan programs and the most competitive interest rates. Credit scores in the 700-740 with be eligible for most loan programs, but with slightly higher interest rates. Credit scores lower than 700 will limit some loan options and interest rates will be higher. One question to ask your mortgage representative is whether or not there are credit score exceptions if the other 7 factors strongly support your financial affordability.

Beacon Hill Mortgage Lenders

Mortgage Lenders look at the occupancy of the Beacon Hill condo with owner-occupied properties being the lowest risk and secure the most competitive interest rates. Second homes are considered more of a risk, while rental properties carry the highest risk for lenders, and come with the highest interest rates.

Single-Family Home vs. Beacon Hill Condo

Looking into buying a Home vs. a Beacon Hill Condo? This also plays a role in financing your future purchase. Single family homes are the least risky while Beacon Hill condo’s carry a risk due to the homeowners association’s financial health. When purchasing 2-4 unit properties these become even more risky to lenders, with the exception of you living in one unit and renting the others. Downtown San DiegoLofts and Condos also have the factors of building litigation which causes other financing issues. When purchasing a Beacon Hill condo with litigation you need to have at least 20% or more of a down payment.

Conclusion

Ultimately, you will want to create the best presentation of your financial situation in order to begin the process of purchasing property as a self-employed individual. Make sure you do your research and pick a lender who specializes in this area.

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Contact me to find out more about this property or to set up an appointment to see it.

John Ford, Broker
realtyford@yahoo.com
Janet Lamb, Vice President
lamb.janet@yahoo.com
Ford Realty
137 Charles Street
Boston, MA 02114
(617) 720-5454 (9:00 – 5:00 EST)
(617) 595-3712 (On Call Broker After Hours)

Beacon Hill Population Demographics

Total Population	5,075
Male Population	2,465
Female Population	2,611

Male Population 48.57 %

Female Population 51.45 %

Median Age	33
Citizen US Born	4,022
Citizen not US Born	594
Not Citizen	460

Citizen US Born 79.25 %

Citizen not US Born 11.7 %

Not Citizen 9.06 %

Moved from Abroad	154
Moved from Same Country	626
Moved from Same State	407
Moved from Different State	392
Same House as Last Year	3,472

Moved from Abroad 3.03 %

Moved from Same Country 12.33 %

Moved from Same State 8.02 %

Moved from Different State 7.72 %

Same House as Last Year 68.41 %

Occupational Employment in Beacon Hill

White Collar	3,022
Blue Collar	69

White Collar59.55 %

Blue Collar1.36 %

Self Employees	166
Private Companies	2,137
Governmental Workers	144
Not for Profit Companies	643

Self Employees 3.27 %

Private Companies 42.11 %

Governmental Workers 2.84 %

Not for Profit Companies 12.67 %

Number of Households in Beacon Hill

Total Households	2,532
Average People Per Household	2
Family Households	831
Non-family Households	1,701

Non-family Households 16.37 %

Family Households 33.52 %

Households with Children	304
Households without Children	2,228

Households with Children 5.99 %

Households without Children 43.9 %

Median and Average Income in Beacon Hill

Average Household Income	$159,432.38
Median Household Income	$107,838.00
People below Poverty Level	581
People above Poverty Level	4,107

Housing in Beacon Hill

Occupied Housing Units	2,532
Owner Occupied	859
Renter Occupied	1,673

Owner Occupied 16.93 %

Renter Occupied 32.97 %

With Mortgage	479
Without Mortgage	380
Median Value with Mortgage	$698,850.00
Median Value without Mortgage	$916,950.00
Median Housing Costs per Month	$2,286.00