getting a mortgage if you’re self-employed can be tricky – but it’s not impossible. Armed with the right evidence, and with an application to the right lender, most self-employed borrowers should be.
Showing Your Income is Key to Applying for Mortgages for Self employed homebuyers. Instead, self-employed applicants are expected to produce evidence of the last two years in tax returns. Coming up with this information, in addition to other supporting documentation, can.
If you’re a salaried employee with a steady job, a decent credit score, and you’ve saved up a down payment of at least 20 per cent, qualifying for a mortgage should be a cakewalk. If you’re self-employed it’s another story. When you’re self-employed, you have the challenge of proving you have the capacity to repay your mortgage.