http://steadfastfinances.com/blog/2008/12/04/self-employed-workers-getting-turned-down-for-mortgages/ A Personal Finance & Investing 101 blog that delves into current events, consumer education, and techniques to improve your bottom line. Sun, 21 Mar 2010 18:59:24 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://steadfastfinances.com/blog/2008/12/04/self-employed-workers-getting-turned-down-for-mortgages/comment-page-1/#comment-755 Mr. ToughMoneyLove Fri, 05 Dec 2008 21:50:53 +0000 http://steadfastfinances.com/blog/?p=175#comment-755 I had to go through this process a couple of times. The key is having detailed, exhaustive, verifiable records of income. Most freelancers etc. do not do a good job of creating or keeping these records. I had to go through this process a couple of times. The key is having detailed, exhaustive, verifiable records of income. Most freelancers etc. do not do a good job of creating or keeping these records.

]]> http://steadfastfinances.com/blog/2008/12/04/self-employed-workers-getting-turned-down-for-mortgages/comment-page-1/#comment-751 David Fri, 05 Dec 2008 15:56:01 +0000 http://steadfastfinances.com/blog/?p=175#comment-751 While I was not turned down for one, we were told that it would be difficult to get one for the size we were thinking about. 100% of my income comes from freelance work, and the banks don't like that anymore. Add in the fact that my wife is a teacher making almost nothing, and you have a "risky" borrower - even though my credit score is about 740. We have decided to not buy right now and wait a while longer, so we shall see what happens in the future. But it is getting difficult out there for sure, and some people are getting crunched who don't deserve to be! While I was not turned down for one, we were told that it would be difficult to get one for the size we were thinking about. 100% of my income comes from freelance work, and the banks don’t like that anymore. Add in the fact that my wife is a teacher making almost nothing, and you have a “risky” borrower – even though my credit score is about 740. We have decided to not buy right now and wait a while longer, so we shall see what happens in the future. But it is getting difficult out there for sure, and some people are getting crunched who don’t deserve to be!

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