October’s Newsletter Has Some Advice For The Self-EmployedOctober 17, 2014 at 1:12 pm
When you’re looking for islamic home loans, you need to make sure you understand all the requirements that go hand in hand with you getting a loan successfully. That’s why we’re here. We want you to feel comfortable with the fact that a big part of our job is educational. We want you to come to us with any and all of your islamic mortgage loans questions and that goes for some of the queries we’ve been getting from self-employed people who want to stay Sharia compliant and still enter the real estate market. While it is true getting more traditional loans when you’re the boss can be a little harder and the requirements are more stringent, there’s no need for those of you who are self-employed to think they can’t get one of these islamic home financing loans. Net Income For Islamic Home Financing Just make sure you start off understanding a few things about how these work. For example, you need to be sure you’re looking at the right numbers when trying to figure out how much of a loan you’ll qualify for.
The net income is the figure lenders will be looking at and that’s the final amount after deductions have been taken away from the gross income. You’ll need to have proof of your income as well so lenders will be able to see that you don’t present an unusual risk of defaulting on the money they plan on giving you. That’s why it’s always a great idea to have a system for keeping track of all the documentation that’s relevant well before you apply for islamic home loans.