Work for yourself? Avoid these mortgage mistakes

There are currently approximately 16 million self-employed workers in the United States—and as the gig economy continues to grow, the number of self-employed individuals only stands to increase. Even though working for yourself is becoming more common, it still presents specific challenges when obtaining a mortgage—and if you want to buy a home successfully, you need to know what mistakes to avoid. There are three crucial mistakes self-employed individuals need to avoid when obtaining a mortgage, including: Erratic income. As a self-employed person, you're required to submit at least two years of federal tax returns. Your tax returns prove to your lender that your business provides the stability necessary to pay your mortgage each month—which is why having a steady income is so important. Minor fluctuations are acceptable—but to show your lender you're a qualified candidate for a mortgage, you should be able to prove your business pulls in stable or steadily increasing income.…

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