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. Â Give me a call – J.P. Cook – 602-320-4253.
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12209 N 66th Street
Scottsdale, AZ 85254
$2,200,000
5
Beds
3.5
Baths
4,266
SqFt
Status
Active
MLS #
6828947
Property Type
Single Family Residence
Price Type
--
Dream backyard on over a flat acre. Quiet and minimally traveled street. Front door flows open to large bifolds creating a beautiful indoor outdoor environment. Custom white oak cabinetry throughout. Kitchen features quartzite countertops, designer appliances, walk in pantry. Showcase wine cooler. Separate dining space with bar. 3 fireplaces. Two primary suites, # Separate living rooms with options for convertible space. 1300sf garage with tremendous ceilings and workshop space. Every inch of this house has been completely gut renovated. AC and ductwork is brand new. Brand new roof plumbing, electric and smooth stucco. Freshly plastered pool with new equipment & heater, oversized outdoor kitchen, water feature, bocce ball, putting green, fire pit, new fence. List goes on an
34709 N 48th Street
Cave Creek, AZ 85331
$2,200,000
4
Beds
4
Baths
3,304
SqFt
Status
Active
MLS #
6810706
Property Type
Single Family Residence
Price Type
--
Step into a realm of unmatched luxury and elegance with this stunning newly listed custom-built estate. Nestled in the heart of Cave Creek, this architectural masterpiece offers a harmonious blend of sophistication and comfort on an expansive 2.51-acre lot. Designed for both lavish entertaining and serene private living, this detached oasis promises the lifestyle dreams are made of. Begin your tour in the breathtaking great room, where 12-foot ceilings grace the space with grandeur. A cozy fireplace and remarkable 16-foot glass sliding doors complement the space, inviting indoor-outdoor living at its finest. The adjoining gourmet kitchen features a large granite counter island, state-of-the-art appliances, and a spacious walk-in pantry for all your culinary needs. Discover the luxurious primary suite, which provides a personal retreat with its spa-like ensuite bathroom and impressively large custom closet. The estate boasts four bedrooms, with the fourth being a versatile attached Casita. This space includes a cozy living room, a convenient kitchenette, and a separate entrance, ideal for guests or multi-generational living. Delight in outdoor leisure and entertaining with luxurious amenities such as a heated 48-foot pool, cascading waterfalls, and a relaxing Baja shelf. The outdoor shower, half basketball court, and inviting firepit provide endless recreational opportunities, while artificial turf and winding walking paths adorn the landscape. The side yard has a 14' RV gate. Don't miss the observation deck, a perfect perch to admire the panoramic views of Black Mountain and Elephant Butte Mountains. Practicality is seamlessly integrated with an oversized THREE-car garage equipped with AC, built-in cabinets, epoxy flooring, and a 48-foot RV garage. A cutting-edge security system with night vision ensures peace of mind. Embrace flexibility with the unique flex room, featuring a stylish barn door, ready to meet any of your lifestyle needs. The absence of an HOA offers freedom and peace, while the prime location ensures you remain at the center of convenience, with vibrant local amenities just a leisurely stroll away. This exquisite property is a home and a statement of high-end living. It boasts impeccable finishes and an unwavering attention to detail. Don't miss the chance to make this extraordinary estate your own. This is your opportunity to own a slice of paradise!
7026 E Warner Road
Tempe, AZ 85284
$2,200,000
5
Beds
5
Baths
5,500
SqFt
Status
Active
MLS #
6786409
Property Type
Single Family Residence
Price Type
--
1.94 ACRE BULK SALE OPPORTUNITY includes APN 301-52-984 (Vacant Land to the North) in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Build your Dream Estate, two brand new homes, or renovate the existing property. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.
14562 N Valencia Drive
Fountain Hills, AZ 85268
$2,200,000
4
Beds
4
Baths
2,408
SqFt
Status
Active
MLS #
6773886
Property Type
Single Family Residence
Price Type
--
Mountain views abound from this modern, highly upgraded Adero Canyon residence completed in 2023. Boasting the coveted Meyer floorplan, this home offers a harmonious mix of contemporary design, high-end finishes and thoughtful architectural features, making it a standout choice for those seeking a sophisticated yet relaxed desert lifestyle. Approaching the property reveals striking curb appeal with a sleek modern façade and meticulously landscaped front yard. Raised vegetation beds create a wall of privacy, defining the yard and contemporary style highlighted by landscape lighting accentuating cacti. A detached casita opens to the front walkway, providing easy and private access for multi-generational living or a private home office. Soaring ceilings welcome you to the main house and set a sophisticated ambiance of open, airy living spaces drenched in natural light streaming through expansive windows and disappearing doors framing stunning canyon views. The well-appointed kitchen is equipped with top-of-the-line stainless steel appliances including Wolf dual ovens, microwave drawer, gas range with grill and SubZero refrigerator. Custom oak shaker style cabinets overlook quartzite counters and a large quartzite island with seating defining the area. The primary suite is a tranquil retreat, capturing views of the backyard and panoramic canyons. The ensuite bathroom includes a freestanding soaking tub, separate shower, dual vanities with backlit mirrors and an oversized walk-in closet with built-ins. All bedrooms are positioned for privacy and generously sized, with 4 bedrooms including ensuite bathrooms. The outdoor space of this home is just as impressive as the interior. Designed for both entertainment and relaxation, an expansive covered patio is an extension of the interior living space and opens to stunning canyon views. Travertine hardscaping surrounds a blue mosaic pool with sun shelf and spa, creating multiple lounging areas and leading to a custom pergola seating area. Turf and desert vegetation surround the yard, creating a pristine sanctuary. Conveniences of both Fountain Hills and Scottsdale are nearby, with Adero Canyon hiking trails and Adero Club in close proximity. The Mayo Clinic and top-rated Basis School are just a few miles away. This Toll Brothers gated community embraces the beauty of Arizona while offering residents the opportunity for a luxurious lifestyle of tranquility.
2809 E Frye Road
Phoenix, AZ 85048
$2,200,000
4
Beds
3
Baths
4,651
SqFt
Status
Active Under Contract
MLS #
6788144
Property Type
Single Family Residence
Price Type
--
STUNNING mountain top luxurious estate in the heart of Ahwatukee and a private road entrance. Every detail carefully chosen to ensure luxury living at its finest. This 4 bed/3.5 bath extends over 4000 square feet offering breathtaking mountain and city views, marble tile floors throughout, and retractable glass doors in the great room bringing lots of natural light. The gourmet kitchen is a culinary masterpiece decorated with top of the line stainless steel appliances, and a spacious white granite island. Large bedrooms, spacious master suite with lots of natural light, fresh new paint throughout, and new designed landscaping. Come check out this gem that could be yours!
1361 Rockwood Drive
Prescott, AZ 86305
$2,200,000
3
Beds
4
Baths
3,262
SqFt
Status
Active
MLS #
6808702
Property Type
Single Family Residence
Price Type
--
Stunning custom home in The Preserve at Prescott. Located in one of Prescott's most sought-after communities, this exquisite custom home by Nanke Signature Group combines luxury, comfort and breathtaking views. Nestled in the boulders, this home boasts unparalleled craftsmanship and high end finishes throughout. The spacious, open floor plan offers an ideal layout for both family living and entertaining, with expansive windows that flood the space with natural light. The primary bedroom deck is reinforced for a hot tub to enjoy the city views. Don't miss your chance to own a piece of luxury in one of Prescott's premier neighborhoods. NO HOA!
9280 E Thompson Peak Parkway Unit 29
Scottsdale, AZ 85255
$2,200,000
3
Beds
2.5
Baths
2,786
SqFt
Status
Active
MLS #
6807640
Property Type
Townhouse
Price Type
--
Situated within the Tapadero neighborhood of the guard-gated community of DC Ranch Country Club, this beautifully updated 3-bedroom, single level townhome offers an airy and bright interior with exquisite finishes and mountain views from just about every room of the home. The spacious entry courtyard is perfect for entertaining, and features a built-in BBQ area, a cozy firepit, custom tile and travertine stone accents. A glass and iron front door leads you into the living room/dining room where a floor-to-ceiling field stone fireplace creates a cozy ambiance for gatherings with friends and family. The well designed kitchen is equipped with double Dacor ovens, gas cooktop, SubZero fridge, a warming drawer, stone countertops, subway tile backsplash, and an extra-large island with bar seating and glass pendant lighting. The primary bedroom is a luxurious retreat with large windows, designer chandelier, a sitting area, and access to the backyard, while the primary ensuite bath evokes a tranquil spa atmosphere with dual vanities, a free standing tub and walk in shower. Two secondary bedrooms each offer access to the courtyard through sliding glass doors and share a Jack and Jill bath. In addition to the 3 bedrooms, there is an office alcove located just off of the kitchen/family room. Wood look tile throughout the entire home, designer light fixtures, custom window coverings, updated interior door hardware, and a barn door at the laundry room are some of the many additional well-executed updates to this home. Step outside to the south-facing backyard, complete with artificial turf and a large covered patio for dining and relaxation. Enjoy easy access to the Desert Camp Community Center, offering a wealth of recreational and social opportunities within easy walking distance. The Country Club at DC Ranch clubhouse is also a 5 minute walk away (membership optional and by application and approval).
34587 N Ironwood Road
Scottsdale, AZ 85266
$2,200,000
4
Beds
4
Baths
4,232
SqFt
Status
Active
MLS #
6809636
Property Type
Single Family Residence
Price Type
--
Authentic Southwestern Territorial Retreat in the Boulders. Experience the pinnacle of desert living in this stunning home, nestled on nearly an acre within the prestigious Boulders community. Perfectly positioned along the 13th fairway of the South Course, this residence offers unparalleled privacy and breathtaking views of Black Mountain and the lush Sonoran Desert landscape. Step inside and be greeted by soaring ceilings, stately vigas, and a spacious great room featuring a grand gas fireplace, limestone accents, and floor-to-ceiling windows that invite the picturesque outdoors in. The seamless blend of indoor and outdoor spaces creates an atmosphere of comfort and elegance, ideal for both relaxation and entertaining. The heart of this home is the chef's kitchen, Click on more..... equipped with a large center island, premium stainless steel appliances, a Dacor double oven with a warmer, a wine fridge, and a walk-in pantry. The adjoining formal dining area offers a perfect setting for hosting, with dramatic Black Mountain views enhancing every meal. The primary suite is a serene retreat, complete with a separate sitting area or office that opens to a private patio. The spa-like en-suite bathroom features an oversized steam shower, abundant cabinetry, and luxury finishes. Three additional en-suite guest rooms provide ample space and privacy for family and visitors. Outdoor living spaces are exceptional, with multiple patios designed for relaxing and entertaining. Enjoy al fresco dining at the built-in BBQ station, or unwind to the soothing sounds of the tranquil waterfall. Custom LED lighting, a refurbished gas grill, and thoughtfully designed patios elevate the outdoor experience. Additional features include a spacious laundry room with views, surround sound with updated speakers and controls, auto shades in the kitchen, great room, and primary suite, and custom programmable lighting in the great and dining rooms. The oversized third-car garage, equipped with a sink, workout space, and climate control, adds versatility and convenience. Blending authentic Southwestern charm with modern amenities, this meticulously designed home offers a lifestyle of luxury and tranquility in one of Scottsdale's most sought-after communities. Whether savoring quiet moments or hosting memorable gatherings, this property is the epitome of desert sophistication
4450 N 54th Street
Phoenix, AZ 85018
$2,200,000
4
Beds
4.5
Baths
2,512
SqFt
Status
Active
MLS #
6814518
Property Type
Single Family Residence
Price Type
--
Prime opportunity in a prime Arcadia location! This fully remodeled 4-bedroom, 4.5-bathroom home is a perfect blend of luxury and comfort. Nestled in the desirable Hopi School District, this home offers breathtaking Camelback Mountain views and is minutes from Arcadia and Scottsdale's best resorts, golf courses, dining, and shopping. Designed for modern living, the open floor plan features a chef's kitchen with a large island, stainless steel appliances, gas range, and custom cabinetry. The spacious primary suite boasts a private backyard entrance, oversized shower, dual vanities, and a walk-in closet. Three additional guest bedrooms, including one with direct outdoor access to a pool bath, provide ample space for family or guests. The backyard is built for entertaining, with a sparkling pool, mature landscaping, and panoramic mountain views. A 2-car garage and dedicated laundry area add to the home's functionality. Whether you're looking for a move-in-ready home or an investment opportunity, this is an exceptional opportunity in one of Arcadia's most coveted locations.
37 Spur Circle
Scottsdale, AZ 85251
$2,200,000
4
Beds
3
Baths
2,283
SqFt
Status
Active
MLS #
6833022
Property Type
Single Family Residence
Price Type
--
Welcome to 37 Spur Cir, a special property in the heart of Scottsdale. As you enter you are welcomed with a feeling of warmth and serenity. Surrounding this property is lush landscaping, mature ficus and olive trees, and a Garden of 200 sf of an edible grow space all giving the sense for a private setting. This classic and timeless Schreiber design has the updates and feel of a brand new home, while keeping the classic and thoughtful design. The backyard is a spectacular place for entertainment and everyday living with a rectangular pool , 8 person spa, custom lounge areas, putting green, covered patio and mature landscape. This single level four bedroom three bathroom home is an ideal space for living. Updates incl. New Roof 2022, new custom kitchen, new interior doors. & Many More!
39565 N 107th Way
Scottsdale, AZ 85262
$2,200,000
4
Beds
4.5
Baths
4,033
SqFt
Status
Active Under Contract
MLS #
6807404
Property Type
Single Family Residence
Price Type
--
Golf Membership Available - Nestled along the 7th hole of the Desert Mountain Apache Golf Course in the Village of Desert Greens, this Larkspur floor plan with a separate guest house offers breathtaking views of the golf course, surrounding mountains, and city lights. A highly sought-after layout, the main house features three full ensuite bedrooms, while the detached guest casita includes its own sitting area and a private bath. The design ensures excellent privacy, with spacious bedrooms well separated, and the guest house providing an ideal retreat for longer-stay visitors with their own patio. This floor plan boasts ZERO interior steps, an open-concept great room with a kitchen that flows into the family room, as well as a separate living and dining room. Additional highlights include a wet bar, large closets, and a two-car garage. Outdoors, enjoy two distinct spaces: a private courtyard off the entry and guest house, and a backyard designed for leisure with a pool, spa, firepit, outdoor kitchen, and ample space for sunbathing, outdoor dining, and entertaining. Located centrally within Desert Mountain, this home offers easy access to Desert Mountain's two guard gates, providing quick routes to offsite shopping and dining. Within the community, residents have access to a wealth of amenities, including seven championship golf courses, scenic biking and hiking trails, and the exclusive Ranch facilities. The nearby Sonoran Fitness Center offers a comprehensive wellness experience, featuring a spa, pickleball, tennis, swimming, and state-of-the-art fitness facilities.
100 Highland Drive
North --, Sedona
$2,200,000
4
Beds
4
Baths
3,586
SqFt
Status
Active
MLS #
6826777
Property Type
Single Family Residence
Price Type
--
Custom soft contemporary green home nestled on 1.03 acres within an exclusive gated neighborhood. Designed to showcase breathtaking red rock views of the iconic Cathedral Rock and 7-Sisters, this property offers a seamless connection to Sedona's natural beauty. The main living area is encircled by stunning red rock views, complemented by 3 outdoor patios, a built-in kitchen, a cozy fire-pit, and a 360-degree observation deck. Interior highlights include travertine flooring, granite countertops, cherry cabinetry with pull-outs, and natural woven window treatments with motorized exterior shades. Lush landscaping, a pavered driveway, and a stereo system throughout enhance this sanctuary. Geothermal solar powers energy-efficient heating and cooling. Rare, single level gem! Don't miss the immersive 3D video walkthrough on Zillow!