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Non-Traditional Homebuyer.

How To Qualify For A Mortgage If You’re Self Employed

If you don’t have paycheck stubs or if your income varies wildly, don’t sweat it. Self-employed people can qualify for mortgages, too. Here are 3 tips to get you on your way to homeownership!

1: Look At Your Past Two Tax Returns

Lenders will  ask for copies of your tax returns from the past two years. They’ll look at your adjusted gross income on each form, add the two numbers together, and divide by 24. This reflects your “average” monthly income from the past two years.

2: Fill Out the Paperwork

Once upon a time (in the 1990′s), you might have been able to supply bank statements to your mortgage lender in order to prove your business cash flow.

Those days are gone. Lenders now will insist on looking at your tax form, and they’ll need to collect this from the IRS directly. You’ll need to fill out IRS Form 4506-T, which gives the lender permission to request your tax records from the IRS.

3: Maintain a Good Credit Score

This point should be obvious, but it’s worth stating: A high credit score will make your mortgage-qualification process easier. You’ll be more likely to qualify for a mortgage (at all), and you’ll be more likely to receive a competitive interest rate.

Keep your credit score high by paying all your bills on time, using as little debt as possible, and not opening too many new credit accounts, especially in the 6-12 months before you apply for a mortgage.


Just because you’re self employed absolutely doesn’t count you out of the mortgage game, but it does mean you have a few more steps to go through. Schedule a 15-minute mortgage consultation with me and I can walk you through the process.

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Getting a mortgage is a huge life decision! Which is why I provide all of my clients with a 15-minute consultation to help guide you on your way!
David YurovchakSales Manager