If you are self-employed and looking to buy a home, you may have heard that it is more difficult to get financing. That isn\u2019t necessarily the case. The truth is that lenders consider the same criteria for each borrower. They will still ask for your work history, income\/debt verification and other necessary documentation. \u00a0Here is an overview so you\u2019ll be better prepared when the time comes.<\/p>\n
Mortgage lenders will generally consider any source of income that is “stable, consistent, and ongoing.” This means you must be employed consistently for more than a year, typically at least two years. Remember, your lender is trying to determine whether you’ll be able to make your monthly mortgage payments.<\/p>\n
When evaluating self-employed borrowers for a mortgage, lenders will look at their financial history the same as anyone else. The key difference is that you may have to provide more pieces of documentation. For example, if a company pays you as a gig or contract worker, you will be provided a 1099<\/a> instead of a W-2. Your lender may also ask for the following, if applicable:<\/p>\n If it comes down to it, consider getting a joint mortgage or co-signer. This could be your spouse, partner, or trusted family member. The co-signer will also be financially responsible for the loan but won’t share the property’s ownership.<\/p>\n Regardless of your employment status, pre-approval is a vital first step in determining what kind of home loan is right for you. At SmartMortgage.com, our expert loan officers will work with you to find the best loan for your situation.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" If you are self-employed and looking to buy a home, you may have heard that it is more difficult to get financing. That isn\u2019t necessarily the case. The truth is that lenders consider the same criteria for each borrower. They will still ask for your work history, income\/debt verification and other necessary documentation. \u00a0Here is an overview so you\u2019ll be better prepared when the time comes.<\/p>\n","protected":false},"author":6,"featured_media":6137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3,8],"tags":[15,66,78],"class_list":["post-4655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-mortgages-home-loans","tag-co-signer","tag-pre-approval","tag-self-employed"],"acf":{"page_v2":{"":null,"hero":{"display_hero":true,"":null,"use_text_editor":false,"text_editor_text":"","container":[{"header":{"add_header":true,"text":"Qualifying for a mortgage when self-employed","type":"H1","class_name":"","id_name":"","alignment":"","font_size":"","text_color":""},"tagline":{"add_tagline":false,"text":"","alignment":"","class_name":"","id_name":"","position":"below","font_size":"","text_color":""},"row":null,"attributes":{"id_name":"","class_name":"","font_size":"","background_color":"","text_color":"","text_align":"","vertical_align":"","background_image":"","mobile_background_image":"","background_video":null,"hero_type":"","container_width":"site-width","text_width":"site-width"}}]},"hero_navigation":{"display_hero_navigation":false,"":null,"use_text_editor":false,"text_editor_text":"","container":null},"hero_banner_v2":{"display_hero_banner":false,"":null,"use_text_editor":false,"text_editor":"","container":{"banner_row":null},"attributes":{"id_name":"","class_name":"","font_size":"","background_color":"","text_color":"","text_align":"","vertical_align":"","background_image":null,"mobile_background_image":null,"background_video":null,"order":""}},"body":{"":null,"use_text_editor":false,"text_editor_text":"","container":[{"header":{"add_header":false,"text":"","type":"H2","class_name":"","id_name":"","alignment":"","font_size":"","text_color":""},"tagline":{"add_tagline":false,"text":"","alignment":"","class_name":"","id_name":"","position":"below","font_size":"","text_color":""},"row":[{"layout_selection":"Single column","single_column":{"":null,"header":{"add_header":false,"text":"","type":"H2","class_name":"","id_name":"","alignment":"","font_size":"","text_color":""},"tagline":{"add_tagline":false,"text":"","alignment":"","class_name":"","id_name":"","position":"below","font_size":"","text_color":""},"column":[{"selection":"Text","text_editor_text":"If you are self-employed and looking to buy a home, you may have heard that it is more difficult to get financing. That isn\u2019t necessarily the case. The truth is that lenders consider the same criteria for each borrower. They will still ask for your work history, income\/debt verification and other necessary documentation. \u00a0Here is an overview so you\u2019ll be better prepared when the time comes.\r\n\n
Consider a joint mortgage or co-signer<\/h2>\n
Talk with an agent at SmartMortgage.com<\/h2>\n
Call now to speak with one of our experienced loan officers<\/a><\/h2>\n
and apply for a mortgage today!<\/a><\/h2>\n
Being self-employed long enough<\/h2>\r\nMortgage lenders will generally consider any source of income that is \"stable, consistent, and ongoing.\" This means you must be employed consistently for more than a year, typically at least two years. Remember, your lender is trying to determine whether you'll be able to make your monthly mortgage payments.\r\n
Provide the right documentation<\/h2>\r\nWhen evaluating self-employed borrowers for a mortgage, lenders will look at their financial history the same as anyone else. The key difference is that you may have to provide more pieces of documentation. For example, if a company pays you as a gig or contract worker, you will be provided a 1099<\/a> instead of a W-2. Your lender may also ask for the following, if applicable:\r\n
\r\n \t
Consider a joint mortgage or co-signer<\/h2>\r\nIf it comes down to it, consider getting a joint mortgage or co-signer. This could be your spouse, partner, or trusted family member. The co-signer will also be financially responsible for the loan but won't share the property's ownership.\r\n
Talk with an agent at SmartMortgage.com<\/h2>\r\nRegardless of your employment status, pre-approval is a vital first step in determining what kind of home loan is right for you. At SmartMortgage.com, our expert loan officers will work with you to find the best loan for your situation.\r\n
Call now to speak with one of our experienced loan officers<\/a><\/h2>\r\n
and apply for a mortgage today!<\/a><\/h2>\r\n ","popup":false,"popup_text":"","row":null,"carousel":null,"button":{"link":null,"class_name":"","id_name":"","font_size":"","background_color":"","text_color":"","alignment":"center"},"image":null,"navigation":null,"fields":null,"social_share":null,"social_icons":null,"video_url":"","video_type":false,"featured_blog_text":"","featured_blog_icon":null,"blog_card_selector":false,"branch_address":"","branch_lat":"","branch_long":"","map_width":"","map_height":""}],"attributes":{"id_name":"","class_name":"","font_size":"","background_color":"","text_color":"","text_align":"","vertical_align":"","background_image":"","mobile_background_image":"","background_video":null,"order":""},"column_size":""},"two_column":null,"three_column":null,"card_grid":null,"attributes":{"id_name":"","class_name":"","font_size":"","background_color":"","text_color":"","text_align":"","vertical_align":"","background_image":"","mobile_background_image":"","background_video":null,"card_type":"","order":""}}],"attributes":{"id_name":"","class_name":"","font_size":"","background_color":"","text_color":"","text_align":"","vertical_align":"","background_image":"","mobile_background_image":"","background_video":null,"container_width":"site-width","text_width":"site-width"}}]}}},"yoast_head":"\n