Can I get a mortgage if I’m self-employed?

Can I get a mortgage if I’m self-employed?

Yes, you can get a mortgage if you’re self-employed! If you’re self-employed and want to buy a home, it helps to plan in advance. Below are a few tips to get you started: 

Steps to take before applying:

• Improve your credit score (620+ is ideal, a higher score will work in your favor)

• Pay down debt

• Offer a larger down payment

• Show at least 2 years of consistent income

• Keep your business and personal expenses separate

Keep in mind that almost every lender will calculate your income based on tax returns. So the amount you earn could look lower than it actually is.

Buying a home or refinancing when you’re self-employed might not be as difficult as you think. Self-employed people have access to the same mortgage programs and interest rates as other borrowers in today’s real estate market. Let me know if I can be of help!

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​​​​Shenita D. Perritt, Realtor®, SFR® 

Bennett Realty Solutions 

Licensed in DC, MD, & VA 

Residential & Commercial Real Estate Services

Short Sales & Foreclosure Specialist

Office: 301-459-5040 |  Mobile: 202-664-2841​

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Author: Shenita Perritt
Phone: 202-664-2841
Dated: June 28th 2023
Views: 5,918
About Shenita: Shenita is a licensed commercial and residential real estate professional in the District of Columbi...