When you’re self-employed, getting a home loan is going to be a little more involved than if you were a salaried employee. There’s more paperwork, tighter qualifying rules, and you’ll need to show a stable income.
The good news is it’s getting easier for you and 14 million other Americans who are self-employed to get approved. Recently, Fannie Mae released new guidelines that are a big plus for self-employed borrowers:

• In certain cases, income documentation is being reduced from two years of federal income tax returns to one.
• A new income calculation is being introduced for business owners with little or no history of distributions.
• The new guidelines are more flexible in dealing with “moonlighting” or extra part-time jobs.

If you’re self-employed, talk to a local lender and learn more.

For decades, buying a second home was pretty much a single-dimensional experience. You bought a place where you would either vacation, or live for several months of the year (often to enjoy a nicer climate).

But with the emergence of home-sharing services like Airbnb, HomeAway and VRBO, second homes are offering you a whole new dimension. Now you can have a place for part-time living, and when you’re not using it, the home can provide you with a regular revenue stream.

Purchasing a second home has become a true investment opportunity, not simply a lifestyle choice. So much so that even major hotel chains like Hyatt are jumping in. The key, as always with real estate, is location, location, location.

When it’s a seller’s market, you can’t always compete against an all-cash offer from a buyer wiling to close quickly. But there are some things you can do to make a great impression with sellers:

• Making a higher down payment – 25 percent or more. Sellers will worry less that you won’t qualify for a mortgage and know you are a serious buyer.
• Offering to make a larger earnest money deposit can impress: it signals you won’t easily back out of the deal.
• Shortening the contingency period and not asking for large seller concessions shows you’re committed to moving quickly.
• For the right seller, a heartfelt “buyer’s love letter” may tip the scale in your favor.

Sometimes it’s not the highest-priced offer that wins the day, but a buyer willing to go the extra mile.

Nearly every survey over the last 50 years shows that the vast majority of Americans consider homeownership to be part of the American Dream. It’s still true today. A recent National Association of REALTORS® (NAR) survey found 87% of consumers said homeownership is part of their American Dream.

Homeownership remains the greatest source of wealth among Americans. Economists tell us that for every two homes sold, one job is created in the U.S. Every home purchased generates as much as $60,000 in economic activity over time.

Also, Fannie Mae research shows that:

• Homeownership creates safer, more stable neighborhoods.
• Homeowners vote more often than renters, and they are happier and more satisfied then renters.
• Children of homeowners do better in school, with higher test scores and lower anti-social behaviors.

The bottom line: in America, homeownership matters.

Renowned scientist Stephen Hawking may worry about robots advancing beyond humans, but real estate is one industry where you won’t see robots replacing workers.

The real estate industry remains a relationship-driven business, involving the biggest purchase decision in most people’s lives. Human involvement, empathy, and intuition are incredibly important components in delivering a good experience for those searching for their first, second—or even fifth—home.

That’s not to say technology isn’t valuable. Technology is making agents even smarter, allowing them to gather information, communicate, and deliver answers faster for their clients.

Have you ever wondered if there’s a straightforward way to help your kids buy a home? Well, there is, and it’s one of the oldest programs available: An FHA loan.

Your best bet is to work with a local mortgage lender to walk you through the specifics, but here’s how it generally works:

A parent and child can be co-borrowers on a FHA loan, even though the parent won’t live in the home. Normally, FHA would require a 25% down payment for what is called a “non-occupying co-borrower” loan. Together, co-borrowers who are related by blood, law, or marriage are eligible for 100% of the maximum FHA loan they qualify for with the low-down payment features of the FHA loan.

If you’re a Millennial—or have a son or daughter who is a Millennial—you’ve probably had a discussion about renting or buying a home. It can be a hard question to answer, especially with the steadily-rising prices of houses.

However, there are clear disadvantages to renting:

• Someone else controls all the rules, not you (such as whether you can have a pet).
• You’ll see a steady increase in rent over time.
• Zero tax advantages.
• You have no say if your landlord wants to move into your place or sell to someone else.

The biggest disadvantage: You give away your money. Renting means you never will have the chance to build equity in a home. Instead, you give that opportunity to your landlord.

Every family needs to have a disaster preparedness plan. Being ready will give you and your family peace of mind before something happens, and can make the difference if and when something does.

The America Red Cross suggests that planning can be as easy as 1-2-3:

• Meet as a family or with everyone in your household. Discuss how you are going to respond to different emergencies that are likely to occur where you live, learn, work and play.
• Assign responsibilities: how you will work together as a team and select a centralized meeting site away from home, work and school.
• Practice as many elements of your plan as you can.

To get started, download the Red Cross smartphone app with Emergency Alerts for disasters. It’s free and available for most devices.

Believe it or not, one of the most important appliances in your home – your water heater – also has the potential to be the most dangerous. That’s why it’s so important to make sure it is well maintained.

Water heaters have a thermostat designed to monitor and prevent super-heating. If the thermostat fails, a temperature and pressure relief valve (TPRV) is installed to relieve the pressure. The TPRV is that little metal lever you see on top of your water heater.

A water heater can accumulate more than 85,000 pounds of pressure. If the tank ruptures with super-heated water inside, and there’s no TPRV, the result is a severe explosion. So protect your home. Double check to make sure your water heater has a TPRV.

The Fallbrook Farmers’ Market is “Lincoln’s Most Family-Friendly Farmers’ Market”, and we strive to expose young people to fresh, local healthy foods and give them an opportunity to engage with local farmers. Our poster not only highlights our SNAP, Market Match and Double Up Food Bucks programs, but also highlights the weekly themes of each market. These themes are used to drive families to experience the market in a fun and inviting atmosphere.

Every buyer wonders, “What is my credit score?” But the correct question is “What are my credit scores?” When you apply for a mortgage to buy a home, your lender will pull three credit scores, not just one.

You have credit scores from three different credit firms: Equifax, Experian and TransUnion. And none of these three credit scores are likely to be the same.

Each credit firm bases its score on its own formula that, while similar, are not exactly the same. They may also have different information. It’s therefore important to pull a credit report from each one and fix any errors before you apply for a home. Remember, if there are errors, you will need to fix them with each credit firm separately.

It’s the one thing that every homeowner has and hopes they never need: insurance. To make sure you are always prepared, experts recommend that you keep on hand a complete home inventory.

State Farm says that a home inventory can help expedite an insurance claim after theft, damage, or loss. It not only helps in the settlement of a loss or claim, but may also help verify tax-deductible property losses.

Most insurance companies provide some handy online Home Inventory Checklists. But the fastest, easiest way is a video walkthrough of your home. Document everything with your smartphone. Then upload the video to the cloud, such as Apple iCloud, Google Drive, or Dropbox, so it’s stored remotely. Supplement your video with documentation. Take photos of receipts, credit card statements, appraisals and other documents. Upload these to the Internet too.