Many questions are asked by contractors when it comes to mortgages for contractors. Contractors must work a certain amount of time to qualify for contractor mortgages. In instances like these, it is important to ask all of the questions that the contractors may have and to ensure that the issues are answered thoroughly and to where they can be understood completely. The last thing a contractor needs is to be lead to believe the wrong information.
How Long Before A Contractor Can Get A Contractor Mortgage?
Before mortgages for contractors can be obtained, the contractor must first be able to present three years worth of accounts before becoming eligible. If a contractor intends to apply for a mortgage, the contractor must have access to several years of accounts to do so. The contractor will need to show a slow rising income from contracting during the applicable timeframe. Other information that is required when applying for a contractor mortgage is a copy of the current contract, a bank statement, and a legal photo identification to secure the mortgage contract.
What If You Are A New Contractor?
Now do not think that because you have just begun a contract that you are less likely to qualify. Some contractor mortgage brokers can secure a mortgage for you even though you have just started contracting. Senior mortgage underwriters at the lender’s office make this possible for newly established contractors. If you are a …Read More