The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of Ashburn Mortgages - Paragon

SELF-EMPLOYED - The Two Year Rule

Posted by Sean Stewart on 1 November 2020
SELF-EMPLOYED - The Two Year Rule
Being self-employed and qualifying for a mortgage can be easy. We need to do a little upfront work before we apply for your mortgage. We need to understand what lenders want to see. The golden rule for the self-employed is a two-year history of income.
Lenders treat the self-employed income differently than a traditional salaried job. The self-employed income is variable from year to year. What income we made last year does not guarantee that we will make the same income this year. We...
Posted in:Self Employed  

Finance Condition - To Remove or Not?

Posted by Sean Stewart on 18 October 2020
Finance Condition - To Remove or Not?
In a competitive real estate market you might find yourself in a multiple-offer situation when purchasing a property. You have found your dream home and you really want to buy it, but so do many other people want to buy it. Some people believe that waiving your financing condition will make your offer more appealing to the seller and give you a better chance at winning the bid. This is a tough decision and one that you need to understand. Many people turn to their mortgage broker for advice...
Posted in:Key Tips  

STATE YOUR INCOME - The Self-Employed Advantage

Posted by Sean Stewart on 4 October 2020
STATE YOUR INCOME - The Self-Employed Advantage
Stated income programs are still alive and well. There have been some changes over the years with the changes in federal regulations, but stated income is still a valuable tool for the self-employed business owner to qualify for the mortgage you need.
Stated income programs allow you to literally state your income to use to qualify for your mortgage. This is only available to the self-employed.
There is some reasonability to what income you can state, it must be reasonable for your ...
Posted in:Self Employed  

DOWN PAYMENT - 90-Day History

Posted by Sean Stewart on 20 September 2020
DOWN PAYMENT - 90-Day History
When purchasing a property you will need a down payment. Whether you put 5% down payment or 35% down payment, lenders need to know where the money is coming from. Federal regulations requires the lenders to collect documentation that proves where the money is coming from. This helps to prevent money laundering and mortgage fraud.
The standard rule for mortgage down payment is a 90-day history of your bank account that proves the money is in your account. If the money has not been in you...
Posted in:Key Tips  

How to Maintain your Credit Score

Posted on 6 April 2020
How to Maintain your Credit Score
Your credit score has a significant influence on the mortgage interest rate that lenders will offer you. Knowing what lenders look for and how to maintain your credit report will give you an edge when applying for the mortgage you want. If you are looking for the best interest rates in the market then most lenders will want to see a minimum of a 680 beacon score on your credit report. Some specialty programs may require a 700 or 720 beacon score, but generally, a 680 score is required to qu...
 

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