Can You Get a Mortgage If You’re Self-Employed?

 

Can You Get a Mortgage If You’re Self-Employed?

Whether you’ve owned your business for many years or started a new one, know that self-employed people can and do get mortgages.

Typically, lenders ask for documentation that includes a minimum of two years of personal and business tax returns, recent bank statements, year-to-date profit and
loss statements, and documentation of other assets which prove financial stability. Lenders also consider details about the length of time you have been self-employed
and how long you’ve done the type of work you are doing.

Lenders may review legal documents that established the business entity as an S-Corp, LLC, or Partnership. The financial strength of the business, demand for its
products and services, and future outlook will all be considered in the approval process.

Exceptions to the two year rule for self employment do exist.

There is a difference between a borrower who is self-employed for one year who has worked in the same field for many years, compared to the borrower who is self-employed for one year in a new line of work.

For example:
• If you were a W2 employee in the same field of work for five to seven years, earning $50,000, and opened your own business less than two years ago, you may not need a two year self-employment history because you’re in the same field and earning similar or more income.

• If you are a self-employed borrower in a new line of work, you may need to wait until you can provide two years of income stability even if you have the current income to qualify and are making more than you were prior to opening your new business. In this example, you may have adequate income but lack a long-term history in your new line of work.

Bottom Line: Work with an experienced loan officer who is skilled in helping self-employed borrowers. They can look at your overall situation, review mortgage options, and advise you regarding the timeframe needed to satisfy underwriting guidelines and obtain a loan approval.

Contact me for recommendations of lenders who are experienced working with self-employed borrowers!

Source: Mortgage Market Guide

Home Sales Are Surging!

 

Recent national data shows that pending home sales increased for a third straight month in July as record-low mortgage rates continue to fuel housing demand.

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose 5.9% from June to July. On a year over-year basis, sales were 15.5% higher than a year ago, the largest gain since early 2014.

The V-shape sales recovery is further evidence that the housing market is leading a post-COVID economic recovery. Though both existing home sales and new home sales hit new record highs in August, home inventory remains lean and home prices continue to grow. This may put home ownership out of reach for some buyers.

Locally, the Colorado Association of REALTORS® reported a monthly record of 10,771 single-family home sales in July — a 21 percent increase year-over-year. The state also saw an 8.6 percent jump in new listings, though the number of active listings for single family homes dropped by about 42 percent year-over-year.

New single family home sales also surged in July, supported by a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs.

Census and HUD estimated new home sales in July at $901,000, an approximate 14% gain over June, and the strongest annual rate since the end of 2006. April data showing 570,000 new home sales represents the low point of sales for the current recession. The April rate was 26% lower than the prior peak, pre-recession rate set in January.

The gains for new home sales demonstrate that housing is the leading sector for the economy. Despite double-digit unemployment, new home sales are estimated to be 8% higher for the first seven months of 2020 compared to the first seven months of 2019.

Sales are increasingly coming from homes that have not started construction, with that count up 34% year-over-year. In contrast, sales of completed new homes that are ready for occupancy are down almost 24%. These measures point to continued gains for single-family construction ahead.

Thus far in 2020, new home sales are higher in all regions. Sales on a year-to-date basis are 5% higher in the South, 9% in the West, 20% in the Midwest, and 22% higher in the Northeast.

Whether you’re selling or buying, let’s talk about your best strategies for success in our current market! Give me a call!

Source: Audrey Conklin FOXBusiness, Robert Dietz, www.eyeonhousing.org, Fan-Yu Kuo, www.eyeonhousing.org

Coronavirus Real Estate Myths Debunked

Coronavirus Real Estate Myths Debunked

 

Have you heard that it’s a terrible time to sell a home since real estate prices are plummeting? Or that the coronavirus has forced all city dwellers to flee to the suburbs?

These misguided beliefs can lead to missing out on some profitable opportunities. Let’s compare these myths to reality.

1. It’s a terrible time to sell your home. On the contrary, the latest statistics suggest that now is one of the best times in years to sell a home. According to Danielle Hale,
chief economist at realtor.com, “the data suggests that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.”

2. Home prices are plummeting. Data shows just the opposite. Home prices are actually rising. According to the National Association of REALTORS (NAR), the national median price for single-family homes grew 7.7% during the first quarter of 2020. “We’re seeing home prices grow faster than pre-COVID-19,” Hale says. “In fact, they are on pace with the home price growth we saw this time last year.” The reason is record low mortgage rates which boost buying power.

3. Buyers are holding off on home purchases. According to the NAR, pending home sales jumped 44.3% in May, the largest month-over-month increase since the index’s inception in 2001. Buyer demand is being fueled by low interest rates which dipped below 3% for the first time in 50 years to 2.98% in July.

4. Everyone’s fleeing cities for the suburbs. While this rampant myth makes sense from an impulse level, it is only partly accurate. Data has shown that listings in the suburbs are drawing more attention. In May, the number of views on properties with suburban ZIP codes increased 13%, almost double those in urban areas, according to realtor.com.
That doesn’t mean everyone is fleeing to the suburbs, though. Many of those people surfing suburban real estate listings might fantasize about moving, but when it comes to making an offer on a house and packing up their belongings, many may prefer to stay put and see how the pandemic shakes out.

5. Homes can’t be viewed in person. Stay-at-home orders and social distancing mandates put a hold on in-person home showings and open houses. Now, these restrictions are being lifted in many areas of the country so homes can be viewed in person with extra safety measures in place.

As an added precaution and to eliminate non-serious buyers, in some areas potential buyers are required to have pre-approval letters before they can see a home in person.

In areas where infection rates begin to rise, restrictions on home showings may be reinstated. Give me a call to discuss current guidelines in our local market.
Source: realtor.com

Northern Colorado Happy Hours

 

 

 

 

Happy Hour may be the best hour of the day!
Check out these Northern Colorado Happy Hours!

FORT COLLINS:

4010 South College Avenue

3pm-6pm weekdays

Choose from a selection of imported beer & domestic beers, margaritas, cocktails, and various drinks.  Wed-Mexican Beer $2.99 and Thurs-Well Drinks $1.99

415 South Mason Street

3pm-6pm every day (closed Mondays)

House Cocktails $8, Microdrafts $4, Pacifico $3, Wind of the Day $6

100 W Mountain/2815 E Harmony

3pm-6pm

$3 Domestics, $3.50 Micros, $5 Cocktails & Wine

2670 E Harmony Rd

3pm-7pm, 10pm-12am (Excludes Saturdays)

$1 off draft beer, $4 BJs beer, House win specials.  ½ off most ap ps and mini-pizzas

1611 S College Avenue, Suite 1609

2pm-5pm Tues-Sun

$1 off Black Bottle Beers, $5 Moscow Mules, $3 Wells

214 Linden Street

Monday (ALL DAY)

Tues-Friday (2pm-7pm)

$2.50 Domestics, $3 select Micros, $4 House Wine

201 S College

3pm-6pm

$2 House Margs 3pm-6pm, $1 off beer, $1.50 off Margs, $2 off spirits

1939 Jessup Dr #110

Monday-Friday 2pm-6pm

Saturday-Sunday 11am-4pm

Mon-Thurs: $5 beer and wine on tap

Sat-Sun: $5 Mimosas, Blood Marys, Sangrias

2842 Council Tree Avenue

3pm-6pm Daily

$1 off wine and beer

613 S College Ave

4-6pm/Sunday all day

Wine $1 off CO Drafts $3

642 S College Ave

3pm-6pm weekdays

$1 off Craft Drafts, $2 Domestics, $3 Well Drinks, $3 Flavored Pinnacle &

3 Olives Vodka, $4 Mile High Spirits, Food-$2.50 Pork Sammy’s, $3 Poutin

931 E. Harmony

4pm – 6pm

$2 off Wines by the Glass, $1 off Drafts, $1 off Spirits, $2 off Martinis.
Wed – Martini Madness $2 off.
Thurs – Flight Night, wine flights $2 off.

2501 South Lemay Ave #8

4pm-6pm

$5 select cocktails

234 Linden St

4:30-7pm

$2 off Martinis and Tapas

1957 Jessup Dr.

2pm-6pm Tues-Sun

$1  beer, wine , cocktails and $1 off select appetizers.

232 Walnut St.

4pm – 6pm

$2 off drafts
Note: Cash only pub!

1335 W Elizabeth St

Mon: 9pm-12am, T-F all day

Mon: $3 18 oz Micros, $1 Tacos, Tues:$3 Rock Smarts Wed: $2 wells, Thurs: $4 Frozen Margs, $3 Micros, Fri: $3 Mexican Beer, W/E: $2 domestics, $3 Micros

2909 E Harmony Rd

3pm – 6pm

$2 Wells, Domestics $3 Micros, Calls.
Sat: $2 NBB pints all day.

2601 S Lemay Ave.

11am – 9pm

Tues: $2 Drafts, Wed: $2 Wine

146 N. College Ave.

4pm – 7pm

Mon: $2.50 Fat Tire & 90 Shilling Pints ,Tues: $3 Wells All Night, Wed: $2.50 Isolation & Accumulation Pints
Thurs: $3.50 Odell IPA Pints & $3.50 Jameson, Fri: $6.50 Moscow Mule & $5 Old Fashioned, Sat: $3 Modelo Pints & $3 Hornitos

249 S. College Ave.

2pm-5pm

1/2 off drafts with dinner purchase. 1/2 off apps.
Mon (4-7): $1 select bottle beer w/ dinner purchase.

320 Walnut St.

3pm – 8pm

$1 off signature drinks, $3 wells, $3.50 craft beers, $4 house margs

2601 S. Lemay

3pm-7pm

$3 Domestic Pints, Shot Specials, $3.25 Well Drinks, $4 Micro Beer Pints, House Wines, $4.25 House Martinis & Margaritas
*Everyday from 4pm-6pm
Buy one Island Snack appetizer and 2nd is 50% off

123 N. College Ave.

4pm – 6pm

$3 Drafts, $4 Wells, $4 Cocktails
Mon: Deals offered all night.

2350 E Harmony Rd.

11am – 6pm

CO Drafts $4 | Select Wine $5 | Various Cocktails $5-6 | Other specials
Appetizers 3pm-6pm

622 S. College Ave.

4pm – 6pm

Lots of 2 for 1s

1823 E. Harmony Rd.

All Day

“Longest Happy Hour in Fort Collins.  $1.41 Beer — All Beer, All Day,   Every Day.”

625 S. Mason St.

All Day

Every day: $6.50 Martinis, M: Micros $2.50, T: Fat Tire $2.50, W/Sat: All vodka drinks $2.50, Th: Margaritas $2.50, F: All rum drinks $2.50, Sun: Bud/Bud Light draws $2.50

820 City Park Ave.

4pm-7pm/10pm-close

$2 Single & $4 Double Well Cocktails, $2 Coors, Coors Light, & Bud Drafts, and $3 Select Micros.
Cheap Eats always available when the kitchen is open from our Pub Grub Menu (all items $4-$5)

2626 S. College Ave.

3pm-6pm

$1.50 off Drafts, $5 Select Wines, $5.50/6 Cocktails, lots of food!

244 N College Ave

3 pm -7 pm / All day Thurs

$1 off draft beer, $1 off frozen cocktails

1100 Oakridge Dr.

3pm-6pm, 8pm-10pm

$1 0ff every drink

107 Linden St.

5pm-close*hours vary

Mon: $2 PBR, Wed: $1 off Odell’s, Thurs:$1 off New Belgium, Fri:$1 off select Bottles, $3 select Drafts

220 Linden St.

Open – 6pm

$1 off Drafts, $3.50 Wells, $5 Grilled Cheese

107 E. Laurel St.

4pm-7pm

$3.50 Wells $4 red/white sangria, $5 cheese board, hummus plate, chips/salsa/queso and any single crepe.

144 N. Mason St.

3pm-5pm

BOGO 1/2 off drinks.

101 S. College Ave.

4pm-6pm

$2 off Beer, $6 Cocktails and Wine, $18 Carafe of Wine, $2-$10 selected apps.

143 W. Mountain Ave.

3pm-6pm

$1 off Margs, $3 Drafts, and special priced apps.

1213 W Elizabeth St.

4pm-8pm, All Day Sunday

$3 New Belgium and Odell Drafts, Tuesday is BOGO sandwich day.

152 W. Mountain Ave.

2pm-pm/All Day Sat. & Sun.

$2.50 Drafts and Wells, $3.50-5.50 Micros

210 S. College Ave.

3pm-6pm

$3 Wells, Drafts, and Wines

238 Linden St.

11am-7pm

$1 off Micros, $3 Wells, $5 Cheese Slice w/Pint, $15 Cheese Pizza w/Pitcher

307 S. College Ave.

11:30 am-6pm

$1 off ALL beers.

4633 S. Timberline Road

4pm-6pm

$3 Domestics, Margs $3.50 Micros, $5 apps

130 S. Mason St.

3-6PM

$6 house wines and cocktails, $5 well drinks, $4 canned beer, $1 off draft beer.
$1.50 raw oysters, $6 shared plates, $8 Reggie Burger (add a well shot and beer for $2)

253 Linden Street

2-6pm

All highball cocktails only $5

151 N. College

3pm -6pm

$2 OFF Specialty Cocktails, $1 OFF Draft Beer, $5 House Red Wine, $5 House White Wine, $5 House Sparkelin Wine, Various Food

124 N. College Ave.

3pm-8pm

Wells $3.00, most beers $1 off

148 W. Mountain Ave.

11am – 7pm

$2 PBR and Domestic Pints, $2.50 Micros and Wells, $3 Mico Premium Pints, Pitchers $6, Micro Pitcher $8, $10 Premium Micro Pitcher

23 Old Town Sq.

4pm-6pm

$2 off food and drinks.

224 S. College Ave.

10:30am* – 7pm

$1 off select drafts, $2 domestic drafts,  $3 wells and Freshies, $5 Moscow Mules, Selected Apps

250 Jefferson Street

3pm – 6pm Everyday / All Day Wednesday

House Rose, White, Red $5
Pear Cider (GF) $4
Rotating Beer $4
Other Selected Drinks $5-$6

234 N College Ave Unit A-2

3pm – 6pm

$2 OFF our Vato House Margarita (rocks or frozen), Vato Macho Margarita, and ALL draft beer

214 S. College Ave.

11am – 6pm

$5 House Cocktails, Mules and apps.

 

LOVELAND

110 E 29th St

3pm-6pm Daily

234 E 4th St

3pm-6pm Daily

548 N Lincoln Avenue

4pm-6pm Daily

4360 St Cloud Drive

3pm-6pm Daily

124 E 4th St

11-6 except Saturday

All Day Sunday

110 E 29th St

2pm-6pm Daily

 

WINDSOR

1600 Pelican Lakes Point

4pm-5pm Daily

205 ½ 4th St

3pm-6pm Daily

301 Main St

3pm-5pm Weekdays

 

*Happy hour times and specials are subject to change.

 

 

 

Changing Your Address?
Here’s Who You Need To Contact!

Preparing for a change of address? Here’s who you need to contact!

• The US Post Office:
www.usa.gov/post-office

• Tax agencies:
IRS: www.irs.gov/faqs/irs-procedures/address-changes/address-changes.
In Colorado: www.colorado.gov and search “change of address”.

• Social Security Administration:
www.ssa.gov/open/data/change-of-address-online-apps.html or call (800) 772-1213.

• Gas and electric:
Check with your utility company about online options.

• Phone, cable, and internet:
Call your cell phone service provider, cable, and internet providers.

• Other utilities:
Water department, sewer utility company, and garbage/recycling company.

• Homeowner’s or renters’ insurance:
Let your insurance agency know your new address and ask if they offer moving insurance.

• Your employer:
Make sure pay stubs and tax forms are mailed to the right address.

• Your bank and credit card company:
Services that bill through your bank account, loyalty programs, store credit cards.

• Lenders: Mortgage company, auto loans, and student loans.

• Other Insurance providers:
Health insurance, dental insurance, car insurance, and life insurance. If you have health
insurance through the federal marketplace, visit www.healthcare.gov.

• Other financial agencies:
Credit union, credit reporting agency, PayPal, an IRA/401k administrator, and/or an
investment account holder.

• Magazines and subscription services: Contact the customer service department.

• Online shopping sites — Update sites like Amazon and eBay.

• Clubs, organizations and charities.

• Membership places like Costco or Sam’s Club.

• Individual service providers.

• Doctor, dentist, veterinarian, etc.

• Friends and family:

Send change of address cards, or a mass email with your new information
and a BCC (blind carbon copy) to your favorite people.

Update your address sooner than later so you don’t miss any important information!

Source: Moving 05/30/2018 Laura Mueller

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