Working for yourself has a lot of benefits. You can enjoy a flexible schedule, control your income and do what you love. But there can be some downsides too. When you’re ready to buy a home but you work for yourself or work as a freelancer, you may find it harder, but not impossible, to get approved for a mortgage.
Here are 5 tips to help you get buy a home as a freelancer:
If you own a business and have one stream of income, this should be easy for you. However, if you work more a gig structure with multiple sources of income, organization is absolutely crucial. You will need to track down proof of employment and income, references, previous employers and landlords. It’s going to be quite the pile of documents, but it will make your life easier in the long run. You will need to convince a lender to loan to you, unlike W2 employees who have pay stubs to show. The more you have to prove you are a safe person to lend to, the better off you’ll be.
Write something about yourself. No need to be fancy, just an overview.