Work at Home? Using Hard Money Loans, Texas’ Self-Employed Can Become Homeowners
Eager to Move? Using Hard Money Lenders, Texas Homeowners Can Buy Before Selling
November 21, 20155 Tips for Becoming a Successful Landlord Using Texas Hard Money Lenders
November 21, 2015way people who follow the American dream and choose to start their own business
get penalized. In many cases, it disqualifies them from becoming homeowners
with traditional mortgages, but with hard money loans, Texas’ self-employed people can own a home, too.
“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.
than those who work for traditional employers, but that doesn’t seem to matter
to banks. Entrepreneurs wind up having to fork over an average down payment of
15.3% percent, while their salaried counterparts generate a mere 14.6%. Using hard money loans, Texas’ self-employed can get around some of the issues, but very few people are familiar with the method, even though it’s been around for seemingly forever.
When Considering Hard Money Loans, Texas Borrowers Don’t Have to Worry
About Eligibility
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.
To get advice on hard money loans, Texas borrowers should always consult a
pro.
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.
Dennis Dahlberg
Broker/RI/CEO/MLO
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
23335 N 18th Drive Suite 120
Phoenix AZ 85027
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.