How Do I Buy a House If I Am Self-Employed?
There are many ways to go about buying a house if you are self-employed. First, find a lender that suits your financial needs and works with self-employed borrowers to reach their home-buying goals. Some lenders have more stringent requirements for self-employed applicants to qualify for a home loan and successfully buy a house. Banks require two years of tax returns and financial statements to apply for a home loan. Verifying that you have the proper up-to-date financial documentation is a great way to successfully buy a house when self-employed.
If you do not have access to the required financial documentation to apply for a home loan, low-documentation and no-documentation home loans are two options you can consider. At Mortgage House, our lending specialists can assist self-employed applicants through finding the best loan that suits their financial needs and successfully reaching their home-buying goals.
It is important to remember that credit scores play a big part in gaining approval for a home loan. Ensuring your credit score is of good standing is a great way to boost your potential for an approved home loan application. Reducing personal debts is a great way to improve your credit score if needed. Closing unused credit cards, paying off high-interest-rate debt, and paying monthly repayments on time and in full can also help to increase credit scores.
Potential borrowers can check out our Mortgage Borrowing Calculator to calculate borrowing power and loan repayments with ease.