Hi Ladies,
I'm a frequent bumper, hoping over for some insight. DH and I are possibly looking at moving here before #2 (crazy, I know). Problem is I am a SAHM and DH is self employed. I have heard it can be harder for self employed people to get mortgages due to job security, but was wondering if it would be as hard to get a loan for a smaller amount for a home. The home we are looking at is a good 30-40 k cheaper then what we currently have a loan for, and a good 50-60k cheaper than the original loan amount.
To put it more simply, if its a smaller loan amount than a current home loan should there really be an issue? Also, the house we currently own we got when we both were working.
Thanks for any insight
Re: Self employed = GL getting loan?
It's not impossible, but there are more hoops. You'll have to provide more documentation for longer periods of time.
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