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How long should a self-employed person be on a mortgage?

When mortgage lenders see a two-year history of self-employment income in the same industry, they’re more likely to approve the income and the home loan. From their point of view, two full years is a good indicator of your earning power for at least the next three years.

Can a self-employed person get a mortgage?

With careful planning and proper documentation, you can successfully navigate the mortgage application process as a self-employed person. Buying a home or refinancing when you’re self-employed might not be as difficult as you think.

What are the mortgage requirements for self-employed borrowers?

Stable income and cash flow: Lenders want to see that your business generates consistent income to cover your mortgage payments. Generally, they require a history of stable self-employment income for at least two years. Down payment: The down payment requirements for self-employed borrowers are similar to those for traditional borrowers.

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