Buying A Home While Self Employed in NC

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

Are you a professional fisherman - or are you just "fishin'" for sales?  steveEither way, if you are self-employed and you want a new home in North Carolina there's some important steps you need to take!  North Carolina has been the LEADER in creating Preditory Lending laws that help insure "unsavory" lending practices do not continue to add to the "credit crunching" mortgage meltdown.  Unfortunately, that has a direct affect on the "ease" for a self employed borrower who needs a loan. Is it IMPOSSIBLE??  NO! 

  • Get your credit checked.  As an owner of a business, you already know how important it is to maintain a GREAT (not good) credit score.  If you are interested in owning new (or more) real estate talk to your lender.  If you have a 660 credit score - there might be a way for us to help you pay down the RIGHT credit cards, or add the right kind of credit, to maximize your good score into a GREAT score.  This process could take 60 days - so talk to your lender EARLY in the process.
  • Save up!  If you write off most of your income (like your accountant wants you to) then you might need a "stated income" loan (also referred to as a SIVA or SISA).  You might need this kind of loan - not because you need a "liar" or "cheater" loan - but because you're a smart business person who is taking every advantage Uncle Sam gives you to reduce the taxes you pay.  Stated loans require AT LEAST 25% down and GREAT credit scores.

Now is a GREAT time to purchase Real Estate - but if you are Self-Employed, don't be caught by surprise if you have to meet extra guidelines in North Carolina!!!

If you are considering purchasing a home in Cary, or buying a house in Raleigh, please call Steve and Eleanor Thorne

 

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Rainer
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Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

Always good to know all the criteria in each area.

Thanks,

Tom Davis

World Class DE Realtor

Jul 16, 2008 01:59 PM #1
Ambassador
272,543
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

And love the picture of my husband!

Jul 16, 2008 11:13 PM #2
Rainer
304,164
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Hi Eleanor,
Yes, the rules are different for the self employed and many do not understand this.  Great job of explaining. 

It is a good photo of your hubby!  But, did he catch any fish?

Jul 18, 2008 01:05 AM #3
Rainmaker
246,930
Jackie - computer-training-atlanta.com
770.498.7333 - Atlanta, GA
Learn to leverage technology to get more done.

Eleanor - great post! My blood pressure rises just a little when I hear people refer to stated loans as "liar loans!" Thanks for explaining it.

Jul 25, 2008 07:38 AM #4
Rainer
4,900
John Veler
Fizber - Nimshew, CA

Buying a house is a serious decision. It is the largest purchase one has ever made in his life. It is not an easy task to find an ideal place to live. Recently I have come across one interesting service http://climate.fizber.com/ With the help of climate watch homebuyers can check what the climate is like in another town or city before they move there.

Jul 30, 2008 01:25 AM #5
Rainmaker
67,383
Cathleen OnullHannigan
Keller Williams Realty - Cary, NC
Cary NC Homes Pro

Very nice picture of fishing boat and hubby.  Would love to see a picture of a big fish though!

Aug 28, 2008 12:34 AM #6
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Eleanor Thorne

Equity Resources 919-649-5058
I Answer Questions :)
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