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thatgirl_913 | I need a mortgage for self-employed less than 2 years that would avoid a down-payment and PMI.? |
I have good credit (over 700), some assests, and have been in the field since Sept. '05. I live in Oklahoma. Any ideas? |
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Fearless Leader
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Yes, you have several options but the 80/20 combo loan is probably what you want. Contact Julie at http://www.primelendingonline.com
Good luck. |
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CALIFORNIA GOLD
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Check out the source website. They partner with Hamlin Mortgage who can likely help you. Fill out the free evaluation form and a loan officer who can say yes will contact you within 24 hours. Good luck. |
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ALEGNA
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Only way you can avoid PMI is either putting 20% down. But if you do not have 20% down you'll need to take out two mortgages at the same time. Your 1st mortgage would be at 80% (of the purchase price) and 20% 2nd mortgage. If you have 5% down then obviously the 2nd mortgage would go to 15%...and so on! If you're coming up to almost 2 years, I would suggest waiting otherwise there's a NO DOC program which means you dont even have to state employment. But it will affect your interest rate. The rule is, the less information or documentation you provide the higher the rate...or the more information and documentation the better the interest rate. You'll have to find a mortgage broker for those types of programs. They have connections to lending institutions that offer those types of loan program which are not available to the public. |
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Robbie G
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To avoid PMI, an 80/20 mortgage will do the trick. As for your self employment, you have more options than you think.
1) you can get credit for 2 years of employment, if you were in a related field of work while not self employed. So if you worked as a programmer for a computer company until sept of 05, and then opened your own computer business in sept 05- present, you would be ok. You can then qualify for a stated income/verified assets loan.
2) If you were in an unrelated field in 05, you can go a different route. Some mortgage companies allow you to use bank statements to prove your income. They generally look at deposits only, and will use your last 12 month average of monthly deposits as your income. This enables you to go full doc, and you can easily get the loan done.
3) As long as you are not a first time homebuyer, some mortgages allow you to do a NO DOC loan. This means, they dont worry about employment, income, assets, etc. All they look at is your credit, and they do 100% financing for these. Good Luck |
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mazziatplay
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I can probably help you with that financing but you will need to be realistic about the interest rate and the cost of the loan as you will not be eligible for Fannie Mae financing. Lending is a "risk based" world. With -0- down and no way to document your income over a 24 month period, you are looking for a specific loan product. The more specific your needs, the fewer options you have and the "he who has the gold makes the rules" law applies.
The major fact in your favor is your excellent credit, that is the thing that will improve your options.
Feel free to email me. I work with a major national bank and have access to this product in-house. |
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marshae
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You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program from United First Financial, called the Money Merge Account. This software helps build equity fast, and will help me payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested. |
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Yanswersmonitorsarenazis
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Boy there's a lot of bad information on here so far.
You may very well be eligible for conventional Fannie Mae financing. With good credit, they often allow less than 2 full years of self-employment.
But you'd have more trouble finding a 2nd mortgage to offset your downpayment and avoid MI.
MI is now tax-deductible for loans originated in 2007. 2nd mortgage rates are high. MI is now often the cheaper route than doing the old 80/20.
Find a loan officer willing to run you through Fannie Mae's underwriting system and see what comes out. You might be pleasantly surprised. I'm consistently amazed at what they'll approve. |
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Ed
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I don't know how you could possibly avoid PMI, as your required to pay PMI until you have your amount owed below 85% of the homes value. |
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Captain Jack
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Only way I know to avoid PMI and down payment is if you have ever served in the military and received an honorable discharge, you should be eligibile for a VA loan. |
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c21bucks
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Avoiding PMI will be the tough part. Do not be afraid of PMI, it is tax deductible now ... for loans completed this year.
If you find a home that is priced below market value and can be appraised for more than your loan, you might be able to avoid the PMI.
If you are working with a Realtor, they should be able to direct you to a lender that can help. |
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