Real Estate Tip if you are self employed

There's no question that it could be more difficult for you to get a mortgage loan if you are a free lance viola player than if you are a government accountant. Traditionally, lenders have been more cautious when evaluating loan applications of buyers who are self-employed than people who work for a regular salary.

However, if you are self-employed, there is no reason for you to shy away from applying for a home mortgage loan, especially if your earnings have been in the same field for at least two years. It is a good idea to meet with one or more loan officers before you begin your search. They will probably want to analyze your tax returns for the past 2 or 3 years, keeping in mind that many self employed people can look impoverished on paper, since you can write off some expenses that salaried individuals can not. Try to get pre-approval from the lender, and ask for a letter stating that you have pre-qualified for a loan which your real estate agent can attach to any offer you submit on a home. This will make you more attractive to the sellers.

Sellers want communication

Sellers want communication. Most agents think the only thing homeowners want when they list with an agent is to sell their house. Of course this is important, but from the time they list with you to the time it sells, the No. 1 thing they want is communication. A frequent complaint about agents is that they list homes and are never heard from again. So keep in touch with the seller through various means, such as phone calls, e-mails, notes, and face-to-face meetings.

Approval from FED for USDA/Rural Housing loans

The federal government has finally given the go ahead for approved lenders to begin funding USDA/Rural Housing loans. Here are a few benefits of USDA/Rural Housing Loans:

* Zero Down payment required which drastically reduces the amount needed to close and allows more buyers to be eligible for the program.
* Closing costs and prepaids can be financed if supported by appraised value so buyers with limited assets can still qualify.
* Assumable with prior approval. Re-sales of the property may be more affordable and homeowners with assumable mortgages have more marketable homes.
* Rural properties are eligible. It makes home financing easier and more available in outlying communities.