Can i get a Mortgage loan as an independent contractor and with less than 2 years in business?

Question by Michelle: What is involved in selling to someone who wants a FHA loan?
I had my condo on the market and it has an offer now. They are wanting a FHA loan and have added in the extra 3% over and beyond my asking price. My realtor is telling me that I can deduct this portion off of my taxes since I’m paying for it now in the cost of selling my place. This is only the 2nd time I have sold a place and the other was a conventional loan and that’s all I’ve ever done too. I will see the offer tomorrow, malady generic so would appreciate any advice. Thanks!

Best answer:

Answer by malinmo
The buyers are asking you to pay for closing costs up to 3 percent of the purchase price. You don’t have to agree to this. But in today’s real estate market, a seller has to make concessions if he/she want to sell. What is often written into a contract that is being bought with an FHA mortgage is the amount of money the seller is willing to spend to make repairs to the property that are mandatory for issuance of an FHA mortgage. This cost in my market is usually written for up to $ 300.

Your realtor is right about deducting this 3 percent as an expense to sale. But ask your realtor if adding this 3 percent to the purchase price is customary in your market. I suppose it all boils down to how desperate you are to selling. Also, be careful the added 3 percent does not price your condo above the appraisal price or else the buyers’ won’t be able to get an FHA loan unless they are willing to pay the extra above the appraisal.

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Question by raclawski04@ameritech.net: What would happen if i lied about my age on a mortgage application ?
I would like to lie about my age on a mortgage application. I have 730 Fico, more about a 400K Gross small business corp and 30K in brokerage account. However if i disclose my low age my broker and agent might not make me seriously ? What will happen if I list an incorrect age?

Best answer:

Answer by Yo
It doesn’t matter what age you put on your application, page once your credit is run, the report will reveal your real age to your broker.

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Bank of England

The Bank of England (formally the Governor and Company of the Bank of England) is (despite its name) the central bank of the whole of the United Kingdom and is the model on which most modern, large central banks have been based. It was established in 1694 to act as the English Government’s banker, and to this day it still acts as the banker for HM Government. The Bank was privately owned and operated from its foundation in 1694 until it was nationalised in 1946. In 1997 it became an independent public organisation, wholly-owned by Government, with independence in setting monetary policy.

The Bank has a monopoly on the issue of banknotes in England and Wales, although not in Scotland or Northern Ireland. The Bank’s Monetary Policy Committee has devolved responsibility for managing the monetary policy of the country. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by Parliament within 28 days.

The Bank’s headquarters has been located in London’s main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known by the metonym The Old Lady of Threadneedle Street or simply The Old Lady. The current Governor of the Bank of England is Mervyn King, who took over on 30 June 2003 from Sir Edward George. As well as the London offices, the Bank of England also has secondary offices on King Street in Leeds.
en.wikipedia.org/wiki/Bank_of_England

So this is the bank of England and what about the english pound?

Pound sterling

The pound sterling (symbol: £; ISO code: GBP), commonly called the pound, is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha.It is subdivided into 100 pence (singular: penny).

The Channel Islands and the Isle of Man produce their own local issues of sterling; see Manx pound, Jersey pound, and Guernsey pound. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound) and Saint Helena and Ascension (alongside the Saint Helena pound). The Gibraltar, Falkland Islands and Saint Helena pounds are separate currencies, pegged at parity to the pound sterling.

Sterling is the third-largest reserve currency, after the US dollar and the euro. The pound sterling is also the fourth-most-traded currency in the foreign exchange market.
en.wikipedia.org/wiki/English_pound

BY WIKIPEDIA! ENJOY THE HAPPINESS TO KNOW!:)

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Question by Ed28: Can i get a Mortgage loan as an independent contractor and with less than 2 years in business?
Is there any possible way that i could get approve for a mortgage loan in the state of NY as an independent contractor and with less than 2 years in business?

I also want to mention that I have high income and excellent credit.
I’m interested in a house that costs between 100-200 thousand dollars, this web I can put between 5-15% down. A mortgage loan officer from CapitalOne bank told me that I can’t be approved because there is a rule that requires independent contractor to be at least two years in business before applying for a home loan. But I’m still looking for a second opinion.

Best answer:

Answer by Go with the flow
Contact a bank to be pre-approved.
They may require 3 years of tax returns and 30% down payment.
But you may be wanting a very small home and have 50% or more to put down.
You gave no details.

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