Self-Employed Mortgages in San Diego
For those seeking more flexibility in how they work, self-employment is a great option. But while there are many perks to being your own boss, self-employed types such as small business owners and freelancers face disadvantages like unstable incomes and higher taxes. You might wonder if you can still buy a home, and the answer is a resounding “yes”! If you are self-employed, you can apply for loans under the same process as others. Self-employed home buyers can apply for Conventional Loans, Non QM Loans, and more. The type of loan that would best suit you depends on your income.
Can I still qualify for loans even if I’m self-employed?
Absolutely! As a non-traditional borrower, there are also non-traditional or what are called Non QM loans that you can apply for.
What do I need to apply for a loan?
You may be able to qualify by having just one year of tax returns (as opposed to two years). You will also need documentation to show consistency of income. Other factors lenders may look at include the location and type of business, demand for your product or service, and future income.
What can I do to boost my odds of being approved for a mortgage?
Self-employed borrowers are typically subject to the same requirements and process as conventional borrowers.You may increase your odds of being approved by showing that your debt-to-income ratio meets your lender’s requirements. Work with a local lender like National Home Loans to get an even more personalized approach to your application.
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Have been working with John for a couple months now; he is very patient and understands our needs as first time home buyers. John has been amazing and answers all our questions, I think we have found our long time broker. He has the clients best interest in mind which is very refreshing. A++
John is great at what he does, especially for first time homebuyers. He is willing to go the extra mile for his clients and will explain exactly what he's doing along the way. I'm so glad we were able to work with him and I highly recommend him.
Beyond grateful to have been referred to John G. right after getting our offer accepted on a home. We would not have been able to do it without him. He secured us a great rate, which was a game changer in our decision to purchase. It was our first home purchase, and he helped us navigate every single thing, and was extremely responsive and available to chat when we needed him. The entire escrow process was smoother and quicker than we could have ever hoped for. He was a pleasure to work with, and we hope to continue to work with him in the future.