Being self-employed grants you a lot of freedom in your day-to-day life. But unfortunately, it also makes getting loans slightly more complicated. Getting a self-employed mortgage or any large loan related to your home will require proof that you will be able to pay the mortgage off. Most lenders will look at your credit score, which can help you get a better mortgage. But the majority of lenders also have minimum income requirements. When you’re self-employed, they’ll also want to see stability in your take-home pay to validate your repayment ability.
The challenge of getting a loan while you’re self-employed is verifying your income to the lender’s satisfaction.
The main challenge of getting a loan while you’re self-employed is verifying your income to the lender’s satisfaction. You will typically need to have your income verified by an independent source in a manner that would be difficult to falsify. The verification should directly address the total of your verified income and must not contradict any information you give the lender elsewhere.
We can help walk you through the unique challenges of getting a mortgage while being self-employed. All you need to do is fill out our simple application to speak with an agent. They will provide you with unbiased advice and match you with mortgage providers that are appropriate given your criteria. They can help you even if you have bad credit or are worried that your income may be too low or unstable.