Being self employed requires solid preparation in order to buy Santa Clarita real estate. Loans have no doubt become tougher to acquire in recent years and the days of no-doc loans appear to be a part of the past. Recent changes to lending rules and regulations means that the self-employed are having a more difficult time borrowing money. In order to qualify for a mortgage to buy Santa Clarita real estate, the self-employed must produce significant documentation to display their income.
Many lenders are following up on fraudulent income claims by involving the IRS. Honesty is more important than ever. In a nutshell, preparation is key to financing Santa Clarita real estate.
- Clear your credit.
- Have all documents that support your income available when applying for a loan.
- Know what you can afford to borrow.
- Again, be honest as misrepresentation can cost you more than just a loan.
Obtaining a mortgage is one of the toughest challenges of buying Santa Clarita real estate these days and being prepared will only work to your advantage. The self-employed who can come to a lender with accurate documentation are more likely to be approved for a home loan.
Contact us at Remax Santa Clarita today to learn more about Santa Clarita real estate, as well as to have free access to the Santa Clarita MLS and all Santa Clarita properties that are currently listed for sale.