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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

Posted in: Buyers, RE/MAX Advanced Tagged: Buyers, Buying, Buying a Home, Buying A New Home, Colorado, Colorado Real Estate, Finance, financial, Fort Collins, Fort Collins Real Estate, Home Buyers, Home Buying, northern colorado, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Self-employed

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

Posted in: Buyers, RE/MAX Advanced, Sellers Tagged: Buyers, Buying, Buying a Home, Colorado Real Estate, Fort Collins, Fort Collins Real Estate, Home Buyers, Home Buying, Housing Market, Loveland, northern colorado, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Sellers, Selling, Selling a Home, Windsor

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

Posted in: Buyers, RE/MAX Advanced, Sellers Tagged: Buyers, Buying, Buying a Home, Colorado, Colorado Real Estate, Coronavirus, Covid-19, Fort Collins, Fort Collins Real Estate, Home Buyers, Home Buying, Housing Market, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Sellers, Selling, Selling a Home

Northern Colorado Happy Hours

 

 

 

 

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

FORT COLLINS:

  • 3 Margaritas

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

415 South Mason Street

3pm-6pm every day (closed Mondays)

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

  • Austins

100 W Mountain/2815 E Harmony

3pm-6pm

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

  • BJ’s Restaurant and Brewhouse

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

  • Black Bottle Brewery

1611 S College Avenue, Suite 1609

2pm-5pm Tues-Sun

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

  • Blind Pig Pub

214 Linden Street

Monday (ALL DAY)

Tues-Friday (2pm-7pm)

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

  • Blue Agave

201 S College

3pm-6pm

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

  • Cacciatore

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

  • Café Athens

2842 Council Tree Avenue

3pm-6pm Daily

$1 off wine and beer

  • Canino’s

613 S College Ave

4-6pm/Sunday all day

Wine $1 off CO Drafts $3

  • Colorado Room

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

  • Domenic’s

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.

  • Elevation 5003 Distillery

2501 South Lemay Ave #8

4pm-6pm

$5 select cocktails

  • Elliot’s Martini Bar

234 Linden St

4:30-7pm

$2 off Martinis and Tapas

  • The Farmhouse at Jessup Farm

1957 Jessup Dr.

2pm-6pm Tues-Sun

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

  • Forge Pub

232 Walnut St.

4pm – 6pm

$2 off drafts
Note: Cash only pub!

  • Fuzzy’s Taco Shop

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

  • Fuzzy’s Taco Shop South

2909 E Harmony Rd

3pm – 6pm

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

  • Garlic Knot

2601 S Lemay Ave.

11am – 9pm

Tues: $2 Drafts, Wed: $2 Wine

  • High Point

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

  • HuHot Mongolian Grill

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.

  • Illegal Pete’s

320 Walnut St.

3pm – 8pm

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

  • Island Grill

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

  • Jax Fish House

123 N. College Ave.

4pm – 6pm

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

  • Locality

2350 E Harmony Rd.

11am – 6pm

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

  • Los Tarascos

622 S. College Ave.

4pm – 6pm

Lots of 2 for 1s

  • Matador

1823 E. Harmony Rd.

All Day

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

  • Match Ups

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

  • Mo Jeaux’s

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)

  • Moot House

2626 S. College Ave.

3pm-6pm

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

  • Old Town Putt

244 N College Ave

3 pm -7 pm / All day Thurs

$1 off draft beer, $1 off frozen cocktails

  • Otto Pint

1100 Oakridge Dr.

3pm-6pm, 8pm-10pm

$1 0ff every drink

  • Pinball Jones

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

  • Pour Brothers

220 Linden St.

Open – 6pm

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

  • R Bar

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.

  • Ramen Master

144 N. Mason St.

3pm-5pm

BOGO 1/2 off drinks.

  • Rare Italian

101 S. College Ave.

4pm-6pm

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

  • Rio Grande

143 W. Mountain Ave.

3pm-6pm

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

  • Road 34

1213 W Elizabeth St.

4pm-8pm, All Day Sunday

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

  • Steak Out

152 W. Mountain Ave.

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

$2.50 Drafts and Wells, $3.50-5.50 Micros

  • Stuft

210 S. College Ave.

3pm-6pm

$3 Wells, Drafts, and Wines

  • Surfside 7

238 Linden St.

11am-7pm

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

  • Tap and Handle

307 S. College Ave.

11:30 am-6pm

$1 off ALL beers.

  • Texas Roadhouse

4633 S. Timberline Road

4pm-6pm

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

  • The Regional

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)

  • The Reserve Old Elk Distillery

253 Linden Street

2-6pm

All highball cocktails only $5

  • The Still Whiskey Steaks

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

  • The Town Pump

124 N. College Ave.

3pm-8pm

Wells $3.00, most beers $1 off

  • The Trailhead Tavern

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

  • The Yeti

23 Old Town Sq.

4pm-6pm

$2 off food and drinks.

  • Tony’s

224 S. College Ave.

10:30am* – 7pm

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

  • Union

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

  • Vato’s Tacos & Tequila

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

  • The Whiskey

214 S. College Ave.

11am – 6pm

$5 House Cocktails, Mules and apps.

 

LOVELAND

  • Bent Fork The Grill

110 E 29th St

3pm-6pm Daily

  • Henry’s Pub

234 E 4th St

3pm-6pm Daily

  • Laureate Publick House

548 N Lincoln Avenue

4pm-6pm Daily

  • Nordy’s BBQ and Grill

4360 St Cloud Drive

3pm-6pm Daily

  • The Pourhouse

124 E 4th St

11-6 except Saturday

All Day Sunday

  • Tilted Barrel Brew Pub

110 E 29th St

2pm-6pm Daily

 

WINDSOR

  • The Grillhouse at Pelican Lakes

1600 Pelican Lakes Point

4pm-5pm Daily

  • Hearth

205 ½ 4th St

3pm-6pm Daily

  • Windsor Mill Tavern

301 Main St

3pm-5pm Weekdays

 

*Happy hour times and specials are subject to change.

 

 

 

Posted in: Buyers, News and Announcements, RE/MAX Advanced, Sellers Tagged: Buyers, cheers, Colorado, Fort Collins, Happy Hour, Kitchen, Loveland, northern colorado, RE/MAX, RE/MAX Advanced, Sellers, Windsor

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

Posted in: Buyers, RE/MAX Advanced Tagged: Buyers, Colorado, Colorado Real Estate, Fort Collins, Home Buying, Moving, northern colorado, RE/MAX, RE/MAX Advanced

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RE/MAX Advanced, Inc. | 1018 Centre Avenue, Fort Collins, CO 80526 | 970.221.5995

© 2021 · Ft Collins Homes | RE/MAX Advanced, Inc. · Information deemed reliable but not guaranteed. All Rights Reserved.

Accessibility: RE/MAX Advanced is conducting periodic site audits in order to identify potential accessibility issues and is implementing changes to improve accessibility. For more information, contact RE/MAX Advanced.