
Originally Posted by
Melonie
Generally speaking, lacking a 'vanilla' job and depending on 'self-employed' income places the would-be mortgage borrower in the 'sub-prime' category. This will likely result in difficulties with 'income verification', as well as higher costs for the mortgage ... higher down payment, higher interest rate, mandatory insurance, etc.
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Thus the 'sub-prime' classification for self-employed persons is likely to lead to the following issues for would-be dancer / camgirl mortgage borrowers ...
- the need to show two years worth of tax returns ( with appropriate levels of income declared and taxes paid ) for income verification purposes
- the need for a minimum 700 credit rating
- the need for ~30% worth of down payment / closing cost money, with a documented history of how this money was earned
Additionally, it's possible that would-be mortgage lenders are going to want to see some 'credentials' in regard to how the would-be mortgage borrower intends to continue making mortgage payments over the entire 30 year term of a mortgage. Bankers aren't stupid people, and realize that the high earnings potential of a dancer / camgirl isn't likely to continue until she reaches age ~50+. Thus some would-be mortgage lenders may want to see a college degree or other 'credentials' which would illustrate an alternative source of earnings as the dancer / camgirl 'retires' well before her 30 year mortgage has been paid off.
However, the fact that you are married may help you side-step some of these issues, provided that your husband has a 'vanilla' job with sufficient income level to qualify for a mortgage without significant additional financial contributions from your ( in the lender's eyes questionable and unreliable ) dancing earnings.
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