Self-Employed? Here’s What You’ll Need to Get a Mortgage Approval

There’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.

Putting More Money Down

20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will more strongly signify to lenders that you’re prepared for home ownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.

Minimizing Your Debt

The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.

A History Of Self-Employment

Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.

The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership.

If you have further questions, I’m self-employed and have some tips and tricks to share.  Give me a call – J.P. Cook – 602-320-4253.

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9007 N 83rd Street Scottsdale, AZ 85258

$1,998,000

5 Beds

3 Baths

3,456 SqFt

Status Active

MLS # 6730910

Property Type Single Family Residence

Price Type --

WOW! Rarely available large BASEMENT home in McCormick Ranch has just been meticulously remodeled with elegant, modern stunning finishes! Open floor plan with 2 bed 2 bath up and 3 bed/1 bath down. Custom cabinets with high-end GE CAFE appliances, beautiful quartz countertop, 10' statement kitchen island, luxury vinyl plank flooring, amazing accent walls, elegant modern bathrooms with large format tiles and beautiful vanities, luxury LED lights, primary lavish walk-in shower with freestanding tub, and 2 laundry rooms! New tile roof and new roof coating! 2 AC units (2021&2022). 3-car garage w/ New Epoxy garage floor! Large backyard features mature trees, NEW BUILT pebble pool with travertine deck, new turf /rock landscaping, RV gate, and a large cover patio! Excellent 3-C schools nearby. Basement home is rare in the valley, and comparing to 2 story home, basement is naturally cool during the hot summer maintaining about 78 degree without AC kicking on often which saves a lot of energy cost. It's the perfect home for empty nesters living upstairs while having basement for kids or grandkids to visit or a growing family with privacy and space for teenagers. Below is the improvement list: - New built pebble pool built by Thunderbird Pool, featuring travertine deck, self-cleaning system, baja steps and umbrella stand - New luxury turf front and back by AZ Luxury Turf - new tile roof and new roof coating by Irish roofing - 2 Trane AC units 2021 and 2022 - new sump pump motor and lid in the basement - new water heater - new windows in the basement - new kitchen with high-end quartz - new luxury GE CAFE appliances and Sharp pull-out microwave - new Pot filler in the kitchen - luxury vinyl plank flooring and high end carpet - large format marble look tile in all bathrooms - LED recessed deco lights for stairs and shower niches - luxury steam fireplace in the basement - luxury 3-side fireplace on main level - Unique and luxury lightings and ceiling fans throughout - 3 car garage with new epoxy flooring - New paint inside and outside - Interior new smooth texture finish and all new trims

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20717 E Pummelos Road Queen Creek, AZ 85142

$1,997,000

5 Beds

4 Baths

3,964 SqFt

Status Active

MLS # 6764160

Property Type Single Family Residence

Price Type --

Welcome to the prestigious community of Bridle Ranch, a gated enclave offering unparalleled luxury. This stunning 2021 built Modern Farmhouse-style home boasts 3964 sq ft of meticulously designed living space, featuring a functional split floor plan and an expansive open great room with 16' pocket sliding glass doors, seamlessly blending indoor/outdoor entertaining spaces. The gourmet kitchen is equipped with a lrg island, 6 burner gas cooktop, dbl ovens, 2 dishwashers, and an oversized walk-in pantry. Featuring 5 beds and 4 baths, w/ an attached - separate entrance casita, ideal for guests or multi-gen living. Situated on nearly a 1/2 acre, enjoy a private sport court, 6-hole mini golf course, and a cabana with a built in BBQ. Walking distance to new QC entertainment and restaurants.

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100 W Northern Avenue Unit 15 Phoenix, AZ 85021

New

$1,996,214

4 Beds

3.5 Baths

3,715 SqFt

Status Active

MLS # 6787540

Property Type Single Family Residence

Price Type --

Don't blink...Your craving for 'unique' has just been satisfied! Located in the intimate new community of '100 Northern,' this impressive new home will be complete 12/30/24, and truly defines 'one of a kind' in every way. One of only 17 homesites, and situated on the best view lot in the community, this spectacular, spacious 'C' plan features owner's suite, large den, and all primary living on the ground floor with second ensuite, 2 additional bedrooms , and large flex loft upstairs. Trane AC's, and tankless hot water heaters, Subzero-Wolf deluxe appliance package, including coffee maker, wine fridge and icemaker all set the standard for the list of included features, alongside the energy efficiency of 2x6 construction and spray foam insulation. Heated community pool, dog park.... (cont. and parcourse walking path provide the outdoor enjoyment without the hassle and cost of maintaining your own. There is nothing quite like this, come and see why! (Additional photos coming soon) Supplement Remarks (10,000 characters max)

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6120 N 31st Court Phoenix, AZ 85016

$1,995,000

4 Beds

3.5 Baths

2,735 SqFt

Status Active

MLS # 6760379

Property Type Single Family Residence

Price Type --

Beautiful, remodeled house with NO INSIDE STEPS, in guard gated Biltmore Greens that Boasts: decorative front gate, custom front doors, gorgeous eucalyptus wood floors throughout, tile flooring in the bathrooms & closets, quartz countertops on the kitchen perimeter cabinets while the island & bathroom countertops are a beautiful matching granite, large kitchen that has Thermador & Sub Zero appliances, built in ice maker, enlarged primary bathroom and closet, All new, cabinetry throughout, crown molding, custom closets, lighting & plumbing fixtures. Outside fire pit, pool, and a great covered back patio with automatic sunscreens, built-in BBQ and a view that looks out to the desert through the wrought Iron fence. The garage has tile flooring and extra storage behind a locking door.

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6166 N Scottsdale Road Paradise Valley, AZ 85253

$1,995,000

2 Beds

2.5 Baths

2,353 SqFt

Status Active

MLS # 6745430

Property Type Apartment

Price Type --

Fully furnished highly upgraded corner unit at the Enclave at Borgata with spectacular mountain views of the McDowell Mountains & Pinnacle Peak. Beautifully finished with hardwood flooring, custom cabinetry, rich marble countertops, Wolf and Sub-Zero appliances, designer wall coverings, great light fixtures and Crestron home automation. The primary bedroom is also large with a sitting area, spacious bathroom and walk-in closet. The den features beautiful custom millwork and built-in desks and bookcases. The Enclave is a gated luxury community with fantastic amenities including heated community pool & spa, well equipped fitness center, 24 HR security, owners club room and maintained dog park. Walking distance to AJs, Trader Joes and many top tier retail & restaurants.

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3812 E Camelback Road Phoenix, AZ 85018

$1,995,000

4 Beds

4 Baths

3,671 SqFt

Status Active

MLS # 6746292

Property Type Single Family Residence

Price Type --

Located at the end of a cul-de-sac at Biltmore Sanctuary, this is a must see home! Beautiful and immaculate this 3671 sf, 4 bedroom, 4 bath home has clean lines and high ceilings which create a light and open atmosphere drawing you into the home. The kitchen is well appointed with walk in pantry and gas stove. The large primary bedroom is accentuated with spa-like bath. Two of the additional berdrooms are ensuite as well. One of 3 garages is pre-wired and plumbed allowing for easy conversion to a Casita. Convenient to Scottsdale, Paradise Valley and downtown, you will be walking/biking distance to some of the finest dining in Phoenix like The Global Ambassador, Postinos, Tarbell and The Henry.

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6908 E Mariposa Drive Scottsdale, AZ 85251

$1,995,000

4 Beds

4 Baths

2,756 SqFt

Status Active

MLS # 6777726

Property Type Single Family Residence

Price Type --

Nestled in the heart of Old Town Scottsdale, 6908 E Mariposa Dr offers a captivating blend of classic allure and modern luxury. This ''Old Hollywood'' inspired retreat boasts spacious, beautifully designed interiors that echo a timeless aesthetic, perfect for those seeking a stylish escape. Home features, 4 bedrooms, 4 bathrooms, all new interior and exterior finishes, and heated pool! Each room is meticulously curated, balancing luxury and comfort, creating an inviting atmosphere for relaxation and entertainment alike. Located just moments away from Scottsdale's world-renowned shopping, dining, and cultural hotspots, this property offers unparalleled access to Scottsdale's best! Don't miss your chance to own a piece of Scottsdale's iconic charm!

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308 Calle Linda -- Sedona, AZ 86336

$1,995,000

3 Beds

4 Baths

3,473 SqFt

Status Active

MLS # 6779632

Property Type Single Family Residence

Price Type --

Nestled in the prestigious gated community of Casa Contenta in the heart of Sedona, this elegant Southwest-style home offers breathtaking red rock views and seamless indoor-outdoor living. Featuring 3 bedrooms and 4 baths, the main level boasts an open-concept great room, a combined living and dining area, and a beautifully designed kitchen with granite countertops, stainless steel appliances, and a spacious center island. The primary suite and a guest suite are also located on this level for convenient, single-level living. Downstairs, you'll find a generous family room, a kitchenette, and an additional guest suite, all with scenic views and access to a covered patio. The home is adorned with Pella windows, rich hardwood floors, tile, and cozy carpet in the bedrooms. Located near Sedo

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11430 N 54th Street Scottsdale, AZ 85254

$1,995,000

4 Beds

3.5 Baths

3,091 SqFt

Status Active

MLS # 6781964

Property Type Single Family Residence

Price Type --

This beautifully upgraded 4-bed, 3.5-bath home blends classic elegance with modern comfort. Features include a spacious guest house, RV garage, sparkling pool, and tranquil backyard—perfect for relaxation and entertaining. Inside, enjoy granite countertops throughout, stainless steel appliances, and a cozy fireplace. Located in the sought-after Las Haciendas, this home offers luxury living with character and history. Don't miss this rare opportunity!

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6629 E Monterosa Street Scottsdale, AZ 85251

$1,995,000

4 Beds

3 Baths

2,683 SqFt

Status Active Under Contract

MLS # 6727398

Property Type Single Family Residence

Price Type --

Currently rented, property access may be limited. Nestled within the coveted Arcadia neighborhood, this enchanting ranch-style residence has been thoughtfully remodeled to harmonize timeless tradition with modern comforts. Boasting four generously appointed bedrooms, including a master suite that redefines luxury living, this home is a sanctuary of both style and function. Upon entering, you'll be greeted by a sense of warmth and elegance, with an inviting layout that seamlessly blends the old-world charm of traditional design with the fresh allure of contemporary updates. The heart of the home unveils an expansive living space, perfect for both intimate gatherings and grand occasions. Buyer to verify all facts and figures.

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11836 N 76th Way Scottsdale, AZ 85260

$1,995,000

5 Beds

4 Baths

3,569 SqFt

Status Active Under Contract

MLS # 6771638

Property Type Single Family Residence

Price Type --

Gorgeous fully remodeled home is situated on almost an acre in the heart of Scottsdale near all the action! The 4bed/3bath main home in highly desirable 85260 zip code has undergone a recent transformation, showcasing modern upgrades and stylish finishes throughout. Lush green backyard with mature citrus and a massive side yard. Home situated near the end of a quiet cul-de-sac. Owners spared no expense in remodeling this gem. Quartz countertops and hearth, gas fireplace in the living room, too many upgrades to mention, let the photos speak for themselves! Gorgeous outdoor retreat sitting area with gas fireplace to enjoy our beautiful desert evenings. Elevated dog bath in laundry room, perfect for your four-legged friends. Attached 1bed/1bath ADU. Whole home Generac backup system!

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4340 E Forest Pleasant Place Cave Creek, AZ 85331

$1,995,000

5 Beds

5.5 Baths

4,136 SqFt

Status Active

MLS # 6496714

Property Type Single Family Residence

Price Type --

Build your new home today! 1 acre lots availability with 4 homesites total. Plenty of room for a house in addition to RV Garage, Barndominium, Casita, ETC, the possibilities are endless! Walk to the lots with the builder today. Permits available in 90 days or less. Close proximity to Desert Ridge or Carefree along with shopping & dining. Rural living, but close to it all. Builder to put paved cul-de-sac in to all 4 homesites.

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