It
is everyone’s dream to purchase their own home, but it is not an
easy process. Applying for mortgage loans can be a tedious and
tiresome process, with months in waiting. However, self-employed
people find it more difficult than people with fixed regular jobs in
finding the lender which will provide them with the best interest
rates.
One
of main reasons behind this difficulty is the uncertainty associated
with incomes and job-security of a self-employed applicant. There is
no guarantee of a fixed income of the debtor affecting the loan
repayment. But that does not mean that self employed cannot apply for
the loan.
When
a self-employed person is applying for a home-loan, there are certain
qualifying criteria’s for qualifying. The applicant needs to
provide income proof that will furnish as the status that the person
business is going fine financially.
Apart
from the income proof, there are other documents that need to be
submitted with the bank to apply for a mortgage loan. These include
the business credit report, trading tax returns and business license.
Another criterion is that the person should have been self-employed
for at least a period of three years prior to applying for the loan.
So,
if you are qualifying the criteria, you can apply for a mortgage loan to purchase your own home.
