Texas/New Mexico Stateline | So how much hassle is it in today's regulated environment to apply for a conventional home mortgage? Specifically for farmers and other entrepreneurs that have highly variable, and irregular income? All mortgage applications want to list how much "monthly" payment this and that. I haven't made a monthly payment for anything in over 10 years.
Also with lots of depreciation on our tax return we don't show a tremendous amount of income, yet do have quite a bit of equity in various assets.
Just curious how much paperwork and hassle explaining our financial situation to a mortgage agent to expect. I've heard of huge stacks of papers for mortgages today. Sounds like a huge headache, but no firsthand experience.
I can call the bank, have them work up a $150,000 line of credit for farming, email them a financial statement, copy of tax return, come in the next day and sign 2-3 sheets of paper and we are done.
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Home mortgage application for self-employeed
