Here’s a little Q & A

Alot of us hold a 9-5 job but what about those who are on a fixed income or self employed. Regardless what your background or situation is Bayway Homes provides the same opportunities for everyone. When applying for a mortgage loan it is easy to get intimated when filling out an application for such an ivestment. I can assure you that Bayway Homes will not only treat you with the same respect as anyone else but will also explore any others options that are available to our customers.

I AM SELF EMPLOYED, CAN YOU HELP ME PURCHASE A HOME?

Being self employed does not prevent you from purchasing a home. Most conforming loan programs (FHA, Fannie Mae or Freddie Mac) will require that you have 2-1/2 to 3 years of experience and can document your income with tax returns or through bank statements. If you are interested in the second option then it is important that you deposit all business revenue so you can document your cash flow.

CAN I BUY A HOME IF I’M ON A FIXED INCOME?

If you bring in enough money to pay rent then you could be making a house payment. If you are still concerned about having a low qualifying amount you may want to apply with another person such as a friend or family member so that your incomes can be combined allowing you to purchase more home.