How to Get Mortgage Approval If You’re Self-Employed

By Shelby Campbell

With over two and a half decades of unwavering commitment to the mortgage industry, I am your seasoned Mortgage Loan Officer dedicated to helping individuals and families achieve their homeownership dreams.

If you are self-employed, getting approved for a mortgage can be a bit more challenging than it is for a W2 employee. However, you still have options. Let’s dive deeper and help you successfully apply for a mortgage and become a homeowner.

1. Tax returns. This is the traditional way of being approved for a loan. Lenders typically ask for two years of tax returns. However, write-offs and deductions can sometimes reduce your qualifying income.

2. 1099 forms. You can qualify for a mortgage based on your 1099 income, but a small percentage will be deducted from your loan to account for potential write-offs.

3. Bank statements. Applying for a bank statement loan can also be a good option for borrowers. Lenders will analyze your bank statements for the past 12 months to determine your average deposit and assess your financial stability.

If you’re self-employed and looking to explore your mortgage options, feel free to reach out at (503) 809-8898 or shelby.campbell@fairwaymc.com. Together, we can find a loan program that suits your needs.