Page 14 - October 2023 Issue.indd

Someone with very little, if any savings after closing will
potentially start their homeownership experience under
financial strain, depending on how much income they have.

Yet someone with $5,000 in the bank after closing will have

those funds available to help cushion the blow, or help adjust
their monthly budget to these added expenses.
Having a job is an absolute minimum requirement when
considering taking on a monthly obligation like rent or a
mortgage payment. If you are currently unemployed or have
had a sporadic work history over the last several years buying
a home will have to be put on pause. Having made job changes
over the last several years may not be an issue if those changes
resulted in improving your career path, higher salary, better
benefits, opportunity for advancement.

To be qualifi ed for most mortgages self-employed borrowers
must have been in business for at least 2 taxable years. And
for most programs if the business had a decline in revenue in
Kathleen Brenton excess of 20% year to year, then the income from that business
cannot be used for qualifying purposes. The pandemic year

Broker of 2020 was ruthless in decreasing income for many small
Cell: 410-829-3430 businesses. Those borrowers will need to wait until their 2021

Kathleen.brenton@gmail.com taxes are prepared and hopefully show an increase in revenue.
KĸĐĞ͗ ϰϭϬͲϰϳϵͲϰϲϲϯ
BRENTON REALTY GROUP LLC Some people who lost jobs due to the pandemic took the
10794 Greensboro Road, Denton MD 21629 entrepreneurial leap to self-employment and started their own
business. For them, the homeownership clock got set back
WWW.THEBRENTONREALTYGROUP.COM
two years until two full taxable years for the business can be
provided.

W-2 employees’ income is much easier to document because
it is an established hourly rate or salary. Overtime and bonus
earnings can be used for qualifying if it has been earned for at
least the last two years with the same employer.
in Ridgely It is not always necessary to have been employed for the past
two years if you were a full-time student immediately prior
AFFORDABLE HAIR CARE to your current job. Being a full-time student and working
in a career fi eld in line with your degree or certifi cate can be
substituted for two years of employment. A recently hired
Cuts – Color – Hi-Lites – Foils
schoolteacher just out of college is a prime example of this.
Perms – Nails – Waxing = Pedicures
Paying heed to these suggestions and using them as a guide
410-634-9200 • 7 N. Central Ave., Ridgely, MD should provide a good foundation for anyone preparing to
purchase a home. A consequence of following these suggestions
PLEASE CALL FOR will also serve to make you a more desirable risk for a landlord
AN APPOINTMENT Tues.-Fri. 10-7; Sat. 10-3
to consider.
Trish Puckett, Stylist & Barber; Stylist: Crystal
Remember to get a preapproval from a lender like me who
offers financing utilizing all the various programs for first
Redken time buyers and can explain the reasons why a particular loan
Crew • OPI program works best for your particular situation.
Sebastian
Happy Paul Mitchell Mr. Rowe is Vice President/Lending for Bay Capital Mortgage
Halloween Kenra Corp. with offices in Easton and Annapolis. He has lived in
Caroline for his entire life and supports the county by volunteering
in a variety of ways. He currently lives near Greensboro with his
wife Jeanne and daughter Kelsey.
HELP WANTED

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