The Top 10 Things Entrepreneurs Need To Know About Qualifying for a #mortgage
▻https://hackernoon.com/the-top-ten-things-entrepreneurs-need-to-know-about-qualifying-for-a-mor
So in keeping with my mission to help people buy homes, I put together this little list on what you need to know if you’re an entrepreneur who wants to buy a home.The ability to qualify for a mortgage is based on 3 things: your income, your assets and your credit.2. You make your money when you buy the house, not when you sell.3. You need to be in business for at least 2 consecutive years, and your income is averaged over the last 2 years to qualify. So you need to have 2 years of positive income. The average of the two years net profit is what the bank thinks you make.4. Your credit should be at least a 620 if you want to get a mortgage in today’s lending environment. Though you can possibly get a mortgage with a lower score, 620 is the ideal minimum standard.5. You can get the seller to (...)