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Qualifying for a Home Loan When Self-Employed

Last week we talked about the difference between a jumbo loan and a conventional loan. This week, we’ll answer another common question about mortgages: how do I qualify for a home loan when I’m self-employed?

Most lenders require proof of income for the last two years. If you’re self-employed and don’t have W-2s, you can show this with your last two years of tax returns. The lender will want to verify that you have consistent income and that it is stable and/or increasing. In addition to your income, lenders will also take into account (as they do with all applicants, whether self-employed or not), your credit score, debt-to-income ratio, and down payment amount.

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Qualifying for a home mortgage without two years of income history on your tax returns can be more difficult, but if you’re approaching the two-year mark (e.g. you’ve been self-employed for close to 2 years), you may be able to do if you have a good credit history.

For more information or if you’d like a recommendation for a lender, call or email us today!

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