Can independent contractors get a mortgage?

The rules are more stringent since you don’t earn an income from traditional employment, and the lender will likely use your net income when assessing your eligibility for a mortgage. Luckily, there are lenders offering home loans to independent contractors who may not qualify elsewhere.

How do I get a loan if I'm an independent contractor?

A copy of your business license or filing with the state may suffice. You may also be asked to provide a signed letter from a Certified Public Accountant (CPA) confirming that you’ve worked as an independent contractor for at least two years. Be prepared to send the following documents to the lender:

Who is considered self-employed for a mortgage loan?

For mortgage loans, you’re considered self-employed if you own 25% or more of a business, receive 1099 income for services rendered, or your income is documented in the Schedule C part of your personal tax returns. This includes: Sole proprietors, freelancers, and contract workers: You are the sole owner of an unincorporated business.

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