“Good Luck Getting a Mortgage.” That was CNBC’s
message to the self-employed when they covered just how difficult it is to buy a home when you’re your own employer. It’s hard enough to get a mortgage as it is, but those who work from home or freelance have an even more difficult time. A study from Zillow discovered that self-employed individuals only get six loan offers for every ten that traditional employees do.
When doling out hard
money loans, Texas lenders tend to focus more on the value of the property being purchased, rather than the financial background of the individual applying. This makes it much easier to get approved, and far less “intrusive.”
Because the self-employed have so much more paperwork to manage with a traditional mortgage, the length of time it takes to seal a deal can be months, if it ever happens at all. With this method, the timeline is much shorter, even compared to what a salaried employee might endure. Loans are often funded
within days, rather than the weeks or months a traditional path might take.
There are many varieties of hard money loans Texas lenders specialize in, and there are
solutions for just about every circumstance. While some options are geared more
towards people who purchase with the intent to rent or flip, certain packages
are put together especially for people who are self-employed. For this reason,
it’s always a good idea to speak with someone who handles several types of
loans, so you can be sure you’re getting the right one for your needs. CNBC’s
succinct quip was sadly true about the traditional mortgage industry.
Thankfully, there are other means available that put homeownership within
reach, even for those who write their own paychecks.
Texas Tel: (512) 516-1177
Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.