r/RealEstate – Self-Employed in Florida: Do I need minimum 2 years at 1 job to qualify for a mortgage?

On the Freddie side (FHLMC), which is how most lenders try to do this, there was a recent change that requires that you must have been self-employed for at least 5 years, otherwise 2 years of returns will be required. Note that in every case here, it’s generally not possible to get a loan if a borrower has only been self-employed for one year.

As a legion of post-war baby boomers eyes a retirement supplemented by surging real estate values and tax free superannuation income, those under 30 find themselves saddled with mortgage sized.

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Tax Breaks for Homebuyers and Homeowners A New World of Tax Breaks. Get ready to make friends with IRS Schedule A, the form used for itemizing federal tax deductions and credits of all kinds. Mortgage interest. For new homeowners, this deduction can be significant, because in the first years of your loan, the bulk of your monthly payment is going toward interest, not principal.

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The minimum loan term is 5 years, and the maximum term will not exceed the account maturity date. No more than three (3) fixed-rate loan options may be open at one time. Rates for the Fixed-Rate Loan Option are typically higher than variable rates on the HELOC.

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Florida law limits the amount that a creditor can take or seize or "garnish" from your wages to repay your debts. The Florida wage garnishment laws (also called wage attachments) generally follow the federal wage garnishment laws, but some exemptions are available in Florida which might limit a creditors rights to garnish your wages.

Rule 61J2-3.013(2), may qualify for a correspondence pre-licensing course if unable, due to a permanent physical disability, to attend the site where the course is conducted. 3. Submit a completed application, electronic fingerprints, and appropriate fee. 4. Pass the Florida Real Estate Broker Examination with a grade of at least 75. 5.

Most self employed business owners claim as many tax deductions as the law allows which significantly lowers your net income and therefore your ability to qualify for self employed home loans. Debt to Income Ratio for the Self Employed. Maintaining a low debt to income ratio is important in qualifying for any mortgage loan.