Self-Employed Mortgage Loan

Can I Get a Mortgage While Self-Employed?

You can definitely still get a mortgage while self-employed. You’ll just need to meet a combination of requirements, which can include the above documentation plus credit score and down payment minimums. As long as an underwriter can be satisfied that you are capable of repaying your debts, being self-employed shouldn’t be an insurmountable obstacle to obtaining a home mortgage loan.

Don’t assume your credit score is too low, or that you don’t have enough for a down payment. The experts at Sammamish Mortgage can help you find a mortgage home loan program that is flexible for your needs and situation. Self-employment doesn’t have to be a barrier to achieving your dreams.

How Do Unemployment Benefits Affect Mortgage Qualifying?

In general, unemployment benefits aren’t counted as qualifying income when you apply for a mortgage. It’s considered short term, rather than a stable ongoing income. Lenders want to know you have a regular income so you can mortgage payments on time for years to come. Lenders will only consider your income outside of unemployment benefits.

How Can I Increase My Chances of Pre-Approval?

Before you apply to get a home loan while self-employed, make sure you have your ducks in a row. Gather all of the documentation listed above, and be prepared to present proof of steady income.

You may also want to have a slightly larger down payment on hand. Make sure this money is in a personal account, not a business one. Money in your business account should be earmarked for business expenses.

You’ll also want to check your credit before you apply for a home loan. Your credit score will determine what kind of loan you can get approved for, and can also affect your interest rate and down payment amount. The better your credit, the easier it will be to get pre-approved.