Saving to Buy a House

It is very tough for many self-employed entrepreneurs to qualify for a conventional mortgage, even with good income and excellent credit. Many deserving borrowers cannot qualify with today's strict lending requirements. This is why many investors look for seller-financing.

But assuming you have a regular, well-paying job, it is possible to qualify for a mortgage. Lenders look for established income to qualify. Some proofs of established income are:

·         Pay stubs (depending on the lender)

·         W2's

·         Bank statements (depending on the lender)

·         Employment  Verification

Other sources of cash for a down payment can be in the form of cash gifts up to a certain amount from parents or other relatives.  Borrowers can liquidate stock investments, bonds, certificates of deposit, bank accounts, self-directing IRA as well as collateral against vehicles and other real estate property you own.

A qualified mortgage lender can help you come up with other creative options, and pre-approve you for a loan. For a list of my preferred mortgage lenders, please email me at HomeLandInvestment@gmail.com

Happy Investing!