How To Get A Mortgage When Self-Employed.
Posted by Sara Englishbee
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Did you tell your 9-to-5 boss to go kick the can during the pandemic and now you're self-employed?
Well first of all, congrats on the new freedom you've found now that you're (hopefully) no longer tied to a desk. The financial and time freedom feel amazing, right?
Now you've probably learned by now that there are a *few* pitfalls to working for yourself. One of them is that it takes a bit more effort to qualify for a mortgage.
2 years of personal and business tax returns Year-to-date profit and loss statement Personal and business bank statements Earnings statements Tax ID number, your SSN, & your drivers licenseNow I'll connect you with a lender who can go in-depth on all of this with you.
However, I do want to say that most lenders *really* care about income stability. They're going to likely require at least 2 years of steady self-employment income in order to get you approved for a mortgage.
This may mean that for the next year or two, you need to not write off all those I can pass this off as a business expense items off on your taxes. Yes, you'll pay more in taxes for a hot minute, but you'll also be able to ditch your landlord and finally get your dream home.
So tell me, do you work a 9-to-5 job or are you self employed? #selfemployed #homebuying101 #homebuying #findinghome
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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