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Posts from July 22nd, 2019

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July 22nd, 2019 by

Mortgage Process for Self-Employed Homebuyers - Wright-Patt

Applying for a mortgage means your financial situation is under close scrutiny and that applies even more so when you're self-employed. But that certainly doesn't mean that you can't get a mortgage or that you'll never be able to buy Beavercreek homes for sale. Many self-employed people successfully buy houses every year. But you may encounter a few more stumbling blocks along the way. So what can you do to make the process go as smoothly as possible? These tips can help.

  1. Keep good records and have the right documentation available. Lenders need to assess your ability to pay back the loan before you get approved. It can be a little more difficult to prove you have that ability when you're self-employed. You don't have the paper trail of pay stubs and W-2s other borrowers can rely on. You will need to produce more verification of your consistent income. In general, lenders will want at least two years of tax returns, a 1099 form, and a profit and loss statement if you are a business owner. You will also need monthly or quarterly statements from your bank and investment accounts.

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Categories: Buying a House
Tags: Wright-Patt Realty, Mortgage, Home Loans, Financing, Home-buying tips, First-time Buyers

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