You can still become a homeowner while being self-employed. There are programs that take self-employed incomes into consideration and work to make the process achievable. One such program is the Bank Statement Program by Cross Country Mortgage LLC. This program allows potential homeowners the opportunity to qualify for a mortgage without some of the income documentation that is typically required. They offer loans up to $3.5M while accepting supplemental income and personal or business bank statements.
Wondering if this particular program would benefit you? Reach out to Cross Country Mortgage LLC today! Not sure Cross Country Mortgage is right for you? Not ready to reach out to a company to get a mortgage but know it’s in your future? See the list of tips below for things to focus on that will benefit your future mortgage endevours:
- Maintain a low Debt-to-Income (DTI) ratio – increase your income and reduce your debt! You want your DTI to be below 50%. Calculate your DTI by adding up your monthly minimum debt payments and dividing the total by your monthly pretax income.
- Maintain or raise your credit score; credit lenders want to see a low credit utilization ratio. Find your utilization ratio by dividing your balance by your credit limit.
- Make sure to keep your personal and business expenses seperate to create a clear distinction and a favorable application profile. Keep expenses seperate by maintaining different bank accounts, credit cards, and financial documents.