I'm Self Employed, Can I Get a Mortgage? [mortgageinsuranceguide.blogspot.com]
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You may not believe it, but even during these credit crunch days, finding a mortgage if you happen to be self employed is not as difficult as it used to be. Previously a lender would want to see regular income backed up by by employment. Nowadays, whilst there are lenders offering in mortgages for the self employed, it's probably the case that most lenders will nowadays deal with self employed people. In order to find this out, I'd recommend that you find an independent mortgage adviser.
As I have already alluded to, lenders are cautious creatures especially at the moment and don't always appreciate the ins and outs of different types of business. But gradually this is changing, so do your homework and shop around, or get your mortgage adviser to shop around. It used to be the case that if you're self employed and you required a mortgage, the lender would need proof of your income, you would need to show three years audited accounts or if you haven't been in business for long enough the lender would accept a correspondence from your accountant.
If you are unable to show these three years of accounts, you may've had to pay a larger deposit, or go down the self certification route.
Self certification mortgages provide a solution for people who cannot guarantee or otherwise suitably demonstrate their full income. Oftentimes associated with the self employed, self certification mortgages are actually available to people from all walks of life, whatever their employment status.A self-certification mortgage is just like a 'normal' mortgage except that the proof of income that is required is less onerous. What's required instead is a signed declaration of your income and of your ability to afford the mortgage.
In going down this route however, please remember that YOUR HOME MAY BE REPOSSESSED IF YOU CANNOT KEEP UP REPAYMENTS ON ANY LOANS SECURED AGAINST IT. Standard stuff it may be, but you don't want to go into this with your eyes closed. Defaulting on a mortgage payment is not to be recommended. Find More I'm Self Employed, Can I Get a Mortgage? ArticlesQuestion by leannev1806: 21st Mortgage Chattel Loan Closing Costs and Banner Program? We are buying a mobile home from a dealership in Louisiana. We are within a week of closing. We just have to do the walk in first. Our lender is 21st mortgage with the loan type being a Chattel. Me and my husband both had good credit, but my husband had not been at his job very long - so we had to get financed on the Banner Program 21st mortgage offered. It has a high interest rate, but thankfully, we can refinance in about 2-3 years. The loan is for 20 years. Here is what our approval notice shows: Loan Type: Chattel State: LA Plan: B Contract: 240 Origination Points: 3 % Down: 10.07 I called 21st mortgage this morning to find out what our closing costs would be. Our Credit Manager informed me that there was no closing costs and closing would be at the dealership itself, and that they made their money by the Origination Points. So does this mean there will not be any closing costs since we are not having to go through a title company or attorney? The Banner Program is completely different from any other financing options I have seen, so I'm not sure if this has anything to do with it? I am SO confused. I REALLY need to know what our closing costs are going to be upfront. PLEASE HELP! Yes, the land is family owned so we did not need financing on the land. Best answer for 21st Mortgage Chattel Loan Closing Costs and Banner Program?:
Answer by Nancy
A chattel mortgage is a mortgage on personal property, not real property. This tells me that they are using only the mobile home as security on the loan and not including any land. If the mobile home is in a park this would be the type of loan that would be common. If, on the other hand, you are buying a mobile home that comes with land and the mobile home has been de-titled (put on a permanent foundation and converted to real property) you would be getting quoted similar to someone who buys a stick built house. Personal property loans do not have deeds of trust or a mortgage document. There is only the title to the mobile home that you are sent when you pay off the debt. If there is no land involved there is no title to the land so you don't need title insurance nor do you need to close in escrow or with an attorney.
