Must-Know Facts for the Self-Employed Homebuyer

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You might have heard it’s more challenging to get a mortgage if you’re self-employed.

And it is true that self-employed homebuyers do have to jump through a few more hoops than a W-2 employee. Namely, you’ll have to gather a bunch of paperwork to validate your income and self-employment history. Yet taking the time to organize documents will be well worth it when you’re holding the keys to your new house.

Just ask the 14 million nontraditional earners who became homeowners.

If you want to join them, here’s everything you need to know about applying for a home loan when you’re self-employed.

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Built in 1723, an Updated Connecticut Colonial Is the Week’s Oldest Property

MLS via Realtor.com

An updated Colonial in Stamford, CT, is the oldest property to hit the market this week on Realtor.com®.

The charming, four-bedroom home is full of period details, including wide-plank hardwood floors, exposed beams, and an oversized stone fireplace. Modernizations over the years offer a kitchen with butcher block countertops, a skylight, and recessed lighting.

Other historic homes on the market this week include a New Jersey farmhouse, a Pennsylvania townhouse, and a three-bedroom charmer in Maine.

Scroll down for a full look at this week’s 10 oldest homes.










Perkasie, PA
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Redfin sees losses soar in Q3 as it winds down iBuying program

The company earned $600.5 million in revenue during the third quarter, but also lost $90.2 million — up from a loss of just $18.9 million in the third quarter of 2021 — amid a worsening housing market.

Is a Mortgage Transfer Possible? Sometimes—Here’s When

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Can you hand off a home loan from one person to another? The answer is usually no. When you sell your home, the buyers have to get their own mortgage and you pay yours off in full with proceeds from the sale.

But there are a few exceptions to the rule. Here are the ways you can transfer a mortgage, and why you might want to consider it.

What kinds of mortgage transfers are possible?

Most loans aren’t transferable, and the reason for this is that they have a “due on sale” clause, explains Chris Combs, founder of Combs Law Group. That means that when the property is sold, the entirety of the loan comes due.

But some loans are created without due on sale clauses, and so they can be transferred from seller to buyer. These are known as “assumable loans,” says Chris Lewis from Angel Oak Home Loans. There are three main types of assumable loans:

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A Keller Williams team leader on essentials for navigating a downturn

Do you want to persevere through the downtown? Focus on what you can control says CEO and expert Adam Hergenrother of Livian

Black Knight signs another credit union as Empower client

San Diego-based BluPeak is the ninth credit union Black Knight has signed to use its mortgage loan origination system in the last 12 months.

The Agency welcomes new franchise in Big Sky Country

The office in Bozeman marks The Agency's first foray in the state of Montana. Managing Partner Joy Vance who specializes in diverse luxury properties across Bozeman and Big Sky will lead the new office.

Mina Starsiak Hawk of ‘Good Bones’ Highlights a New Design Style Everyone Wants Now

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On the latest “Good Bones,” Mina Starsiak Hawk is back in the Old Southside neighborhood of Indianapolis—and this time, she’s showing off a cozy new design style that her team is dubbing “cabin chic.”

In the episode “Twinning Is Winning,” Starsiak Hawk sets out to build another house from scratch and decides to use the same floor plan she used for the home she remodeled right down the street. It has two stories, four bedrooms, and three baths in 1,800 square feet of space.

But in order to make the two houses “fraternal” rather than “identical” twins, she and her crew settle on a warm, cabin chic look.

As with the other property, she paid $40,000 for the lot, plans to spend $200,000 in construction, and hopes to sell it in the very high $300,000s.

Cabin Chic exterior
Greige and natural wood interior decor
Knotty LVF flooring
Kitchen with matte black hardware
Ash stair rail
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Boutique transportation services now part of Pacaso owner amenities

Pacaso owners now have elevated access to Alto, a luxury rideshare company, and Surf Air, a membership-based regional airline.

Award-Winning Wisconsin Architect’s Midcentury Dazzler Available for $1.2M

MLS via Realtor.com

A spectacular midcentury modern marvel designed by architect Erich Gnant is available in Brookfield, WI, for $1,190,000.

Conceived as his personal residence and built in1960, the 5,543-square-foot home is a master class in forward-thinking design and where Gnant and his wife raised their family.

“When the home was built, it was billed as [Gnant] trying to test the market for upscale contemporary homes,” says listing agent Colleen Resendiz, of Benefit Realty. Five other homes designed by Gnant were built in the surrounding area.

As for his personal home, it has retained much of its original beauty, says Resendiz.







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Demand for purchase loans up slightly for first time in 7 weeks

Purchase loan applications rose 1 percent last week despite latest Fed rate hike, but homebuyer demand for mortgages remained close to 2015 lows, according to the Mortgage Bankers Association.

Better.com laid off employees who were on parental leave: lawsuit

Employee files suit in New York alleging the online mortgage company fired him less than an hour after he told them his daughter was born. More than a dozen others impacted, lawsuit says.

Flyhomes lays off workers amid ‘housing recession’

The layoffs are the second round of job cuts from the end-to-end platform pioneer this year. They also add to thousands of other real estate layoffs this year.

Home Builders Struggle To Find Buyers as Cancellations by Developers Rise

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It’s a tough time to be selling a home. That’s also true for home builders, who are seeing canceled orders and dwindling interest among would-be buyers.

“Mortgage applications have been running down close to 40% year over year. People are clearly in sort of a wait-and-see or pause mode,” John Lovallo, a UBS analyst who covers home builders, told MarketWatch on an episode of Barron’s Live.

Confidence among home builders dropped for the 10th month in a row in October to a 10-year low (with the exception of the start of the pandemic), according to the National Association of Home Builders. Traffic among prospective buyers, one of the components that measures confidence, fell significantly, the association said, as buyers look at mortgage rates above 7%.

Cancellations by property developers are also up, Lovallo noted. KB Home reported a 35% cancellation rate in the third quarter, up from 9% a year ago. Lennar said 21% of orders are being canceled, while Meritage Homes reported a 30% cancellation rate. Ali Wolf, chief economist at Zonda Research, tweeted Thursday afternoon that her data shows a 70% cancellation rate among builders in Phoenix.

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‘Homeowner benefit agreements’ in spotlight amid MV Realty probe

North Carolina regulators are investigating alleged predatory and deceptive practices by Florida-based MV Realty, which operates in 33 states and has more than 500 licensed agents.

How are you showing gratitude this year? Pulse

This week, we want to hear from you: How are you letting your sphere of influence know that you appreciate them?

Redfin shuts down iBuyer Redfin Now while slashing 13% of workforce

As many as 264 employees impacted by the cuts were from Redfin Now, the company's iBuying division, while an additional 218 jobs from other departments are also being eliminated.

Dr. Dre Puts a $20M Price Tag on His Malibu Joint

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A hip-hop mogul is ready to unload the oceanfront getaway he’s had for more than two decades.

Dr. Dre—rapper, producer, and co-founder of Beats Electronics—has listed his six-bedroom, seven-bath Malibu, CA, home for $20 million, Dirt reported.

Spread over nearly 8,850 square feet, the striking, three-story mansion is located on Carbon Beach, an ultra-exclusive strip of sand favored by billionaires.

Dre originally shelled out nearly $4.8 million for the home, which means he’ll make out like a king if he gets anywhere near the astonishing asking price.









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After cutting Q3 losses, loanDepot has sights set on breaking even

The troubled lender has shed 5,200 workers through layoffs and attrition and is instituting other cost-cutting measures aimed at trimming $400 million in annual expenses by the end of the year.

A Former Social Club on Tenerife: House Hunting in the Canary Islands

The Canary Island capitals of Las Palmas de Gran Canaria and Santa Cruz de Tenerife are seeing more demand than most of Spain’s other capitals.

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