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The following article was published in our article directory on December 17, 2012.
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Self Employed Mortgages  Get Approval for a Mortgage Even Without a Payslip

Article Category: Finances

Author Name: Equity

There are a lot of ways to earn these days. You don t have to be a regular employee in the government or a private company to earn enough for the family s needs or to buy a house in an installment basis. But would banks and lending companies approve your application for mortgage? Surprisingly, many lenders now offer self employed mortgages. It allows people who cannot show a proof of employment a chance to purchase a property through mortgage.

What Is a Self Employed Mortgage?

In simplest words, the self employed mortgages are mortgage loans for those who are not a regular employee; don't have a payslip. People who can benefit from such kind of mortgage or financing are the owners of a small business and freelancers.

Sometimes Known as No Documentation Mortgage

The self employed mortgages are very similar to traditional mortgage. However, it does not require a proof of employment. In fact, it may not even require tax return documents. This is why it is commonly referred to as a no documentation mortgage. Nonetheless, there are some exceptions. Some lenders require you to show a proof of income such as bank statements.

There Are Some Requirements

This kind of mortgage absolutely has some requirements. Aside from any document that can prove your income, some lenders prefer individuals who have a high credit score. Note the difference between a self employed mortgage and a poor credit mortgage. Normally, you cannot afford to be self employed and have a poor credit score at the same time when applying for a mortgage loan.

In addition, most lenders would require you to pay 20 to 30 percent of the property you are planning to buy a house. Again, note the difference between a self employed mortgage and a no down payment mortgage. The two cannot usually be availed at the same time as well. The down payment usually gives the lenders financial security. It reduces what they could lose in case of your failure to pay the loan.

Moreover, most lenders may require a cosigner for applicants who are self-employed. Normally, the cosigner must have a stable job. Some lenders are generous enough not to require a cosigner if the applicant has enough money for the down payment. Most people think that the need for a cosigner is a problem. After all, it is usually hard to find someone who will be willing to cosign a big loan. Nonetheless, it still has some benefits like how the cosigner s high credit score helps you qualify and that you may be qualified for a bigger loan amount.

Being self employed is convenient. You are your own boss and you decide on the time you allot for work. The downside is that you may not have the traditional proof of income (i.e. payslip) like regular employees do. Luckily, this is no longer an issue for most lenders. Many of them now offer self employed mortgages. A small business owner or a freelancer can now buy a house but he or she still needs to fulfill the basic requirements like a high credit score and a down payment.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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