Stated Income/Self Employed

How to Get a Loan When You’re Self-Employed or Have Non-Stated Income

Most people don’t know that being self employed, being a contract worker or having unstated income can hurt their chances of qualifying for a fixed rate mortgage, or any rate, a mortgage. But for those who own businesses, work as freelancers or even those who are servers in restaurants, qualifying for a home mortgage loan can be more difficult than becoming an astronaut. But there are solutions even for the most odd of circumstances.

• There is such a thing as a Stated Income Mortgage. If you need a home mortgage loan, but are in an occupation that doesn’t fully report to the government on earnings, then you’ll want to look into this. There are many companies offering these types of mortgages and an experienced mortgage professional can help you find all of the resources you need to make your mortgage possible without jumping through many hoops.
• Owning a business and having commercial property can give you leverage. If you work from an outside office, you may have various tax benefits which may help you not only secure a loan but a fixed rate mortgage.
• You still have the option of co-signing your loan. If you are self employed or have other strange circumstances, but your spouse has regular employment, you can use your spouse’s income as a foundation for the loan.

It doesn’t have to be more difficult for the self employed to purchase a home. Sometimes it may feel as though you will never get a home mortgage loan just because of the manner in which you work. But it doesn’t have to be that way. With an experienced mortgage professional on your side, you’ll be able to get the fixed rate mortgage you want on a house you dreamed of and that you can afford.