ENTERTAINMENT INDUSTRY
I decided to “specialize” in working with members of the entertainment industry because my partner and many of my friends and family work in film – but also because when I worked as a Mortgage Loan Officer at a big bank, these were so often the people the bank couldn’t approve for mortgages, whether it was due to their varying income or the bank just not understanding why they “couldn’t stay at one job for more than six months?” simply because they don’t understand your industry. In other words some of the smartest and most capable people I met struggled to get approved for a decent mortgage! So when I became a REALTOR®, I immediately set out to gather lenders who are experienced with and enjoy working with more unique loan situations than the usual 9-5’ers. My primary film lender understand your industry, the demands on you, and how the pay structure works and will get you to closing smoothly.
First Thing’s First: Helpful Tips for industry Folk Considering Purchasing a Home
The Basics
Approval for a mortgage loan is essentially based on three factors, the first two of which you can prepare for:
Your credit score (aim for high 600’s and above).
Your “DTI” or “debt-to-income ratio” – a ratio composed of how much money you make (“gross income:” before taxes and deductions) compared to how much you pay on your loans and obligations.
The “collateral,” AKA the house you buy, which is part of the final approval/closing process.
So if you’re in film, a couple quick notes:
Most commonly, since your income varies, the lender will take an average of your last two years’ income (by tax year, if possible) to determine your annual income amount. So if you made bank last year, but didn’t work much the year prior, keep that in mind. [Some exceptions around COVID are being made.]
Even though in your industry it is typical to have gaps between jobs and the lender “understands” that, at the time of being approved for a mortgage you most likely need to be actively employed (receiving a regular paycheck). So while it’s difficult to search for a house when you’re working 16 hour days (this is where I come in!), unfortunately, that’s typically what the lender requires. You’ll need to be “gainfully employed” while you shop for and when you close on a home (with a few exceptions).
That’s where I come in → to make this process a bit easier for you!
Special Services I offer for Industry Folks:
Video Showings + Flexible Hour Showings: we will schedule a couple times a week around your schedule, even if earlier or later than the typical client. However, we are always working with the seller’s schedule as well, so when the schedules don’t match up, I will provide personalized video tours of your requested homes.
Customized House Discovery meeting: an even more in-depth meeting than a typical client orientation, which includes a questionnaire you’ll fill out ahead of time for us to talk through together. This is so that I can understand your needs and wants fully, so I can be your eyes - should you not be able to make it to showings with your busy schedule and long hours.
Lender Assistance: I have selected a team of lenders with a variety of backgrounds and loan type offerings, from conventional to construction to jumbo loans, who have years of experience with less “typical” mortgage applications and when necessary, love solving mortgage “puzzles.”
