Income qualifying for mortgage financing: self-employed borrowers In the previous two columns, Mark Wells at Preferred Financial Services addressed qualifying income issues for borrowers who are salaried or hourly workers. Today, he looks at the rules for self-employed borrowers, which are quite different. I am self-employed and I made $100,000 last year. Is that my […]
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Income qualifying guidelines for mortgage financing part 2 Various types of income are considered differently when determining whether or not a borrower qualifies for a loan. This column is the second in a series of three in which Mark Wells of Preferred Financial Services explains qualifying rules that apply to income from different sources. I […]
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Income qualifying guidelines for mortgage financing “Not all incomes are equal” certainly applies in the mortgage world. There are substantially different ways of determining your qualifying income when applying for a mortgage. Here, Mark Wells of Preferred Financial Services covers the various scenarios that apply to income guidelines for borrowers who are not self-employed. I […]
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When is a broker the best choice for a mortgage? There has long been debate about whether a mortgage broker or a direct lender is the best source for a purchase or refinance loan. Advertisements for each platform claim the higher ground, but what is best for you? Mark Wells at Preferred Financial addresses why […]
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USDA mortgage financing The USDA mortgage program continues to be available to many borrowers in the Upstate, and can be an excellent choice, providing the borrowers and the property meet the requirements and guidelines for the loan. Here, Mark Wells of Preferred Financial Services discusses the various aspects of the program. I have heard of […]
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