Self Employed Mortgage: How To Get Approved

If you're self-employed, there's no need to fear getting a mortgage! We'll walk through the steps you need to take and the 2 types of loans that will help you qualify for a mortgage.

🎧 Listen To The Podcast



0:37 Why is self-employment income different?
0:59 What lenders want to see
1:50 Where self-employed buyers get in trouble
3:22 2 types of loans
4:23 Impact of tax write-offs
4:53 Net vs gross income
5:12 Documents needed
6:26 Interest rate on traditional loans
7:31 2 main types of portfolio loans
9:32 Down payment requirement for portfolio loans
9:54 Credit score on portfolio loans
10:09 Rates for portfolio loans
11:01 How to prep tax documents with your lender
12:29 Adding a co-signer to help out
13:40 Refinancing out of a portfolio loan

RELATED VIDEOS

1) Fully Prepare To Buy A House (Step By Step Guide)

2) 3 Easy Steps To Get Pre-Qualified - WTHYL

3) How Does A Home Appraisal Work?

4) FHA Loan Down Payment Tips And Tricks

5) What's The Typical Down Payment On A House?

Hey, my name is Kyle and I'm a Loan Advisor serving Tennessee, Florida, and Ohio. I help you get a crystal-clear home loan so you can win the house you love.

--- Legal ---

NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity

[WinTheHouseYouLove]

Timestamps!
0:37 Why is self-employment income different?
0:59 What lenders want to see
1:50 Where self-employed buyers get in trouble
3:22 2 types of loans
4:23 Impact of tax write-offs
4:53 Net vs gross income
5:12 Documents needed
6:26 Interest rate on traditional loans
7:31 2 main types of portfolio loans
9:32 Down payment requirement for portfolio loans
9:54 Credit score on portfolio loans
10:09 Rates for portfolio loans
11:01 How to prep tax documents with your lender
12:29 Adding a co-signer to help out
13:40 Refinancing out of a portfolio loan

[eddyeroyal]

I set myself up as an S-Corp, with a W-2, they did ask for the W-2, and I was able to provide it along with 2 years personal & Business or Corp Tax statement or Tax Return. I’m a veteran so i used a VA loan.

[successfulMillennial]

He's such a great speaker. Organized and very informative.

[ebayseller]

biggest mistake I made was actually opening the corporation under my ran in circle for 6 months then denied my loan even tho I paid myself with W2 payroll. what I could have done was either have my parents open a corporation that pays me or even sell my company to them. then i am just like another employee in a company.

[Financeloverleo]

so many financing options, even for self-employed people like myself, thanks!

[JoseLeon-xdmk]

Thank you, you answer every question I had great video

[samran.]

Thank you so much for this great video! Where can I buy the tablet you’re using?

[sziniki]

Please explain 1099 mortgage loan, and how to get approved! Thank you!!!

[Sergios_World]

Is that an iPad ? I’m thinking of creating videos like this.

Btw great video! Helped me understand it way better than before

[popspops]

I already provided my 2 years 1099 tax return to lender and signed purchase agreement but my home is still building will I have to provided new tax return before closing

[jorgebarreiro]

Very informative. I'm a new Realtor in Florida and your videos have helped me a lot.

[ashleymcdaniel]

Thanks for this video. Wondering two things: what mic do you use? What program do you use for split screen ?

[ryanhura]

great vid. 2 questions. will putting more down, say 20-50% down, make it easier and or drop the intrest rate? Self employed sole proprietor, hvac business, and moving out of state to start business in the new state going to be an issue? Thanks

[Evrenthewrencher]

Its just stupid that they find someone more eligible who works for some company where they can fire you in a second comparing to you do your own business.

[josephzachariah]

Hey Kyle, very useful video like the other ones you create.
2 Quick question
i moved to Maryland on GC in Aug last yr. I got my job this month and it pays 100k and I have good credit. My wife has been working for last 2 yrs makes 25k and excellent credit.
2. Will we quality for a conventional loan or should we wait for 2 yrs?

2. Also I have a self employed job in Canada which is still running and pays me around 100k CAD, will this income be considered?

[staciefigs]

If you haven’t been self employed for 2years to the date, will having a co-signer on the loan help with approval rates?

[andreak.torres]

What if I've been self-employed for 2 years, but during the second year, I started an LLC for my business? Will that LLC also need to be 2 years old? On my Schedule C, Section C, it will show 'AKA (my LLC).' Does that make sense?

[Wowimhungry]

Does renting for a year and paying rent on time help you qualify for a bank statement loan?

[marcuscrossgrove]

But thank you so much for this video brother sorry I just had to vent on that last comment.... Sorry😁😁😂😂

[Countdracula]

Something you didn’t touch on; bank statement loans having higher interest rates, but isn’t that tax deductible?