Since 2017, there are some new and flexible mortgage programs available to Mortgage professionals that are making it easier to qualify self-employed borrowers for mortgage loans.

Here are my top tips for increasing your odds of getting approved for a mortgage loan:

  1. Have an up to date “Profit & Loss” statement 
  2. Be prepared to explain any fluctuating Income
    • I can even use mortgage programs that use bank statements only to verify positive cash flow and income, rather than looking solely at your tax returns
    • If you have been self-employed for at least 5 years we could use only one year of tax return.
  3. Be very mindful of your particular Debt-to-income ratio. Why?
    • This provides a great story of the amount of money you take in versus the amount of money you spend to cover your recurring debts. The goal is to have a low debt-to-income ratio.
  4.  Good credit.
    • We will pull credit from the three credit bureaus (Equifax, TransUnion and Experian) and use the middle credit score.
  5. Stable or steady income

My team of lenders are experts at helping self-employed borrowers reduce their risk and helping them obtaining a mortgage loan.

Want more information, contact us directly at 305-815-2003