iloan-self-employment-mortgage-guidelines-

Length of Self-Employment Mortgage Guidelines

With employers getting more and more creative in the way they hire, more and more would be homeowners with stable income find them self asking, “How long do I need to be 1099’d to get a mortgage or how long do I need to be self-employed to get a mortgage.”  The guidelines for this were static for a long time and then loosened during the 2000’s.  Since the Great Recession, they tightened and have finally normalized to something predictable (and rational I might add). While there are emerging subprime lenders that will allow bank statements as an alternative form of …

How to Refinance Your LLC Properties’ Mortgages into Your Own Name

Attempting to navigate the process of refinancing mortgages out of the name of a LLC and into your own name with a conventional mortgage can be a lot like walking across a minefield with a blindfold on.  Perhaps one of the main reasons for this is that the guidelines that affect these transactions have trickled out here and there, over a long period and have been amended periodically.  Here is a summary of guideline considerations to take into account when considering refinancing your investment property loans from a LLC into your own name: Are LLC’s eligible to be refinanced from …

Buying a Home after a Short Sale – Don’t Believe the Naysayers

I’ve written on this subject before but I want to be more thorough this time. There have been too many articles put out lately that discourage people from contemplating a home purchase after doing a short sale. These articles express cynicism about home sellers’ financial habits and cynicism from Realtors as well. Most Realtors doing short sales know how to cover the bases for their client to make sure they’re in a good position to buy a home down the road. Further, in my area (Saint Paul, MN), nearly 1 in 10 homeowners in the twin cities are upside down on their …