Mortgage in Israel - Self-Employed

myname1

Tue, Sep 03 2013, 11:10 am

I am trying to get a mortgage in Israel. We have a down payment of over 50% and are trying to get only a 10-year mortgage. We shouldn't have a problem making the monthly payments (IY"H). The issue is I don't have any proof that I will have a monthly income- that is a slight issue for me, but more so for the bank. I usually get a contract about a month in advance, and have been getting contracts steadily throughout the year. But that's not enough for the bank it seems. What have other self-employed people done? I can't give them proof of income that I don't have. I also tried explaining other employment options I could have if I don't get a new contract. Should I try other banks, or will they all give me problems about this? We are going through a broker, but he doesn't understand English (so my contracts and bank statements are Gibberish to him) and hasn't been able to get anywhere with this bank. Any advice would be highly appreciated. Thanks!

FranticFrummie

Tue, Sep 03 2013, 12:02 pm

A good friend of mine is an English speaking assistant to a mortgage company. He can help explain it all to you.

Rabbi Ephraim Schwartz 011-972-50-597-0649

Tell him Yocheved in Seattle sent you!

Marion

Wed, Sep 04 2013, 12:14 am

Where is your income? Don't you have tax records showing reported income to the tax authorities? That's exactly the same (for this purpose) as having tlushim showing income from an employer.

TwinsMommy

Wed, Sep 04 2013, 9:04 am

we're in the USA but we might be purchasing our first home soon and I asked a realtor about this.

Here, we have Stated Income Loans: http://en.wikipedia.org/wiki/S....._loan

Do you have anything similar in Israel? A type of loan where you don't need to show proof of income and they just...... trust you? (amazing, eh?)

Shanah tovah!

Marion

Sat, Sep 07 2013, 1:45 pm

TwinsMommy wrote:

Yeah, right. No, we don't.