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

Self-Employed? Here's What You'll Need to Get a Mortgage ApprovalThere’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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2118 E Clubhouse Drive Phoenix, AZ 85048

$1,299,900
4 Beds
4.5 Baths
4,260 SqFt
Status Active
MLS # 6760663
Property Type Single Family Residence
Price Type --
Discover luxury desert living at its finest in this stunning 4 bed / 4.5 bath contemporary hillside home designed by award-winning architect Marc Soloway. Located in the hillside community of Sanctuary, this single-level home is one of two in a private cul-de-sac, nestled against a serene desert hillside with breathtaking city, mountain, & golf course views. The home features seamless indoor/outdoor living, with 1,000 sq ft of multi-level slate-style stamped concrete patios & a heated spa/pool with a waterfall feature, perfect for entertaining. New AC units in 2023 & a new roof in 2024 allow you to buy with confidence. Lots of updates! Step inside to a spacious & bright foyer leading to a grand living room with soaring ceilings, vast windows, a fireplace, & sliding glass doors that open to the back patio. The travertine tile flooring throughout the home enhances its elegant feel. The split floor plan offers ultimate privacy, with a luxurious master suite featuring a fireplace, sitting room, back patio access, & a large walk-in closet. The serene master bath boasts dual vanities, a soaking tub with mountain views, & a separate toilet room. The gourmet kitchen is a chef's dream, with granite countertops, custom cabinetry, stainless steel appliances, a 72 Monogram refrigerator, & a large island with a built-in sink & electric stove top. Additional living spaces include a formal dining area, a cozy den that can be easily converted into a 5th bedroom, & a second living room with direct access to the patio. Bedrooms #2 & #3 have en-suite bathrooms with tub/shower combos & spacious closets. Additional features include a versatile office nook with built-in desk & laundry area. 3-car garage with a separate storage area is a huge plus! Sanctuary is an exclusive, upscale subdivision nestled in the scenic desert hills of The Ahwatukee Foothills. Homes in this prestigious community are designed by renowned architects & boast contemporary, luxury designs that seamlessly blend indoor & outdoor living. With its serene environment, large lots, & proximity to hiking trails, Sanctuary provides a peaceful retreat while conveniently located near the city's amenities & attractions. This unique desert sanctuary offers luxury, privacy, & unparalleled viewstruly a one-of-a-kind opportunity!

1302 W Coronado Road Phoenix, AZ 85007

$1,299,900 - 3Br/3Ba -  for Sale in Palmcroft, Phoenix
Open House
$1,299,900
3 Beds
3 Baths
2,320 SqFt
Status Active
MLS # 6784022
Property Type Single Family Residence
Price Type --
Look no further! This fantastic 3 bed, 3 bath residence in Palmcroft is the one for you! Nestled on a premium corner lot & featuring a beautiful facade w/brick veneers, a lush green landscape w/mature shade trees, and a 2 car side garage. Come inside to discover a spacious living room featuring outdoor access w/elegant French doors. Vaulted ceilings w/exposed wood beams, tile flooring, and neutral palette throughout. The fabulous kitchen is equipped w/ample cabinet & counter space, built-in appliances, and a prep island w/a breakfast bar. You'll also find a formal dining room w/a lovely bay window, perfect for hosting a dinner party. The primary bedroom showcases a large closet and a private ensuite w/dual sinks & designer touches. Don't forget about the cozy den, perfect for an office! This home features some major updates that you wont find on other listings: New sewer 2022, New HVAC 2022, New Electric and Subpanel 2022, New water lines, New flooring/baseboards, New Cabinets, Counters, Showers.

6775 E Horned Owl Trail Scottsdale, AZ 85266

$1,299,400
5 Beds
3 Baths
3,312 SqFt
Status Active
MLS # 6702999
Property Type Single Family Residence
Price Type --
Embrace the essence of desert living in your 5 bedroom 3 bathroom stunning retreat nestled in Scottsdale's serene enclave. This luxurious Carriage Trails residence offers an unparalleled blend of sophistication, comfort, and natural beauty, providing a tranquil sanctuary for those seeking the ultimate desert lifestyle. Step inside to discover an architectural masterpiece, featuring high ceilings, plantation shutters, neutral tones, a wet bar, and expansive windows that capture breathtaking views of the surrounding desert landscape. The functional layout offers a seamless flow between the living spaces, perfect for both relaxation and entertaining. The chef's kitchen is a culinary haven, equipped with matching stainless steel appliances, sleek countertops, a custom center island, R/O drinking system, and plenty of cabinet space with soft close hinges. Whether you're hosting a dinner party or preparing a casual meal, this kitchen is sure to inspire culinary creativity. Step outside to your own private oasis, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling pool and spa, a fire pit, a built-in outdoor tiled island equipped with a plumbed gas barbeque and fridge, low maintenance beautiful turf, and a putting green. It's the ideal setting for outdoor dining, entertaining, and enjoying the Arizona sunshine year-round. Situated in a coveted North Scottsdale neighborhood, this home enjoys a prime location with easy access to hiking trails, golf courses, shopping, dining, and entertainment. Experience the best of desert living with all the conveniences of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $1,303/month in year 1 and $668/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

19980 E El Nido Lane Litchfield Park, AZ 85340

$1,299,371
4 Beds
3.5 Baths
3,261 SqFt
Status Active
MLS # 6752334
Property Type Single Family Residence
Price Type --
FORMER MODEL HOME; Fully furnished 4 bed, 3.5 bath, study, tv room and 6 car garage; fully landscaped front and backyard including backyard furniture, purgula, outdoor kitchen and gas firepit; vaulted ceiling & 16' sliding glass door in family room; tray ceiling in study & owner's retreat, custom celing and wall treatments; waterfall island, GE Monogram appliances w/refrigerator & wine/bev refrig; GE W/Dryer; upgraded plank tile flooring, custom tile in both kitchen and baths, multiple shower heads in owner's bath; clean, modern and ready to move in with all furniture and accessories.

37-39 Ok Street Bisbee, AZ 85603

$1,299,000
3 Beds
5 Baths
2,987 SqFt
Status Active
MLS # 6737148
Property Type Single Family Residence
Price Type --
Truly Unique Old Bisbee Property- 3 Bedroom/5 Bath, 3,712 sq ft (including heated/cooled finished basement) with dedicated 2,000 sq ft PARKING LOT. Formerly Copper City Saloon and Hot Licks Saloon, now zoned Residential, with fully intact bar, fully furnished (complete with pool table), retrofitted to serve as a residential kitchen. Finished Basement serves as a Primary Bedroom with Jacuzzi, and 2 additional bathrooms, and separate Laundry Room. Second Floor currently rented as Airbnb- with two separate units, vast Great Room with full Kitchen, 14' ceilings, hardwood floors, Covered Deck with great views of Downtown Old Bisbee and surrounding hillsides. Includes 2 Parcels: 103-62-312 and 103-62-313.

7521 E Camino Salida Del Sol -- Scottsdale, AZ 85266

$1,299,000
3 Beds
2.5 Baths
3,210 SqFt
Status Active
MLS # 6720520
Property Type Single Family Residence
Price Type --
Welcome to this peaceful, light and bright home in the hidden gem gated community of Las Piedras at Sevano Village. Superbly Located just seconds from the convenience of shopping, restaurants, hiking and golf; this home boasts many upgrades in a neutral palette including a beautifully renovated kitchen all in an open, great room concept. A gated courtyard entry with a babbling water feature make a welcoming entrance and comfortable outdoor living space. A well thought out floor plan separates the two guest bedrooms from the grand primary suite with its dual walk-in closets in a spa-like bathroom. A large den located off the great room through double doors makes a great office, library or media room. The rear outdoor living space has a wonderful fire pit artificial turf area, covered patio, pavers and Southerly down valley mountain views to round out this fabulous home.

28021 N 156th Street Scottsdale, AZ 85262

$1,299,000
3 Beds
2.5 Baths
2,704 SqFt
Status Active
MLS # 6760088
Property Type Single Family Residence
Price Type --
Welcome to this stunning new home, offering 2700+ SF of modern living with breathtaking area views. This beautifully designed residence features three spacious bedrooms, versatile den, 2-1/2 baths, oversized 2 car garage w/ attached RV garage. The open-concept floor plan showcases a gourmet kitchen with high end appliances, an inviting living room with a cozy fireplace, and large windows that fill the space with natural light. The primary suite is a tranquil retreat, complete with an ensuite bathroom and walk in closet. Step outside onto a covered patio perfect for outdoor entertaining while enjoying some area mountain views. With beautiful landscaping and energy efficient features, this home perfectly blends comfort, style, and functionality for your dream lifestyle.

23624 N 76th Place Scottsdale, AZ 85255

$1,299,000
3 Beds
3 Baths
2,220 SqFt
Status Active
MLS # 6771528
Property Type Single Family Residence
Price Type --
Ideal location in North Scottsdale. Just minutes away from world class resorts, golf, hiking, shopping and dining. Premium interior lot, well away from roads. This newer built (2021) soft contemporary home is beautifully upgraded inside and out. Enjoy indoor/outdoor living with a sparkling pool and spa in this special setting that backs to a natural desert area. A designer feel gourmet kitchen highlights the interior of the home, featuring a GE Monogram appliance package, quartz slab waterfall island and generous amounts of cabinet space. There is also a dedicated home office/flex room in addition to the three bedrooms. Other upgrades include a linear outdoor fireplace, tile shower surrounds, an EV charger, water softening system, tankless water heater, and plantation shutters throughout

18371 W Roma Avenue Goodyear, AZ 85395

$1,299,000
5 Beds
3.5 Baths
3,419 SqFt
Status Active
MLS # 6775584
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive, RV-friendly gated community of Sedella, where adventure and luxury meet! This stunning property offers a spacious and elegant floorplan, with new tile flooring throughout, creating a fresh, modern feel. RV enthusiasts will love the oversized 20x50 RV garage with mini-split systems for year-round comfort, along with the 50 ft. concrete RV pad offering full hookups, including a 50-amp service and clean-out station—ideal for parking your RV. The property also boasts an RV double gate with additional parking, providing ample space for all your vehicles and toys. Step into your resort-style backyard, featuring a sparkling pool, expanded covered patio, mister system, and lush landscaping, perfect for entertaining or relaxation. With newer updates like HVAC, a water heater, and a full water filtration system, this home is a rare find that blends functionality with luxury in a neighborhood designed to accommodate your RV lifestyle. Additionally, the home is fully wheelchair accessible, featuring a roll-in tile shower and a roll-under sink, making it comfortable and convenient for everyone.

19218 N 88th Way Scottsdale, AZ 85255

$1,299,000
5 Beds
3 Baths
3,318 SqFt
Status Active Under Contract
MLS # 6762702
Property Type Single Family Residence
Price Type --
Welcome to this gem in North Scottsdale. Meticulously maintained. Updated kitchen 2021, New HVAC 2021, New Roof 2021,New Soft water system 2023. All new appliances 2021. This home has been well loved and is ready for a new family to enjoy.

394 E Redfield Road Chandler, AZ 85225

$1,299,000
5 Beds
5 Baths
3,242 SqFt
Status Active
MLS # 6786788
Property Type Single Family Residence
Price Type --
If you're searching for a multi-generational home with no HOA in the heart of the East Valley, look no further! Situated on a spacious 37,514 sq. ft. corner lot with separate living quarters, this property is move-in ready. The main house offers 3,242 sq. ft. of living space, featuring 3 bedrooms, 3 bathrooms, a large kitchen, a grand living room, an office/flex room, and a loft. Additionally, the main house includes a walk-out basement with its own kitchenette, as well as one of the bedrooms and bathrooms. Step outside to enjoy the extended covered patio and the expansive lot, which includes two RV access gates and a cleanout—perfect for easy pass-through driving and convenient hookups for RVs of almost any size. The guest house is equally impressive, offering 1,368 sq. ft. with 2 bedrooms, 2 bathrooms, a laundry room, and an open kitchen/living room layout. This property has so many exceptional features that they simply can't all be captured in the MLS listing!

12211 N 74th Street Scottsdale, AZ 85260

$1,299,000
3 Beds
2.5 Baths
2,316 SqFt
Status Active
MLS # 6784178
Property Type Single Family Residence
Price Type --
Nestled in the coveted Buenavante neighborhood of Scottsdale, this exquisite 3-bedroom, 2.5-bathroom home is a harmonious blend of charm, style, and modern convenience with mountain views. Situated on an expansive cul-de-sac lot, the property welcomes you with mature, lush green landscaping, shade trees, and a delightful front patio —perfect for coffee mornings or gathering with neighbors. Step inside to find soaring vaulted ceilings, plantation shutters, and wide plank flooring with oversized tiles in all the right places, creating an open and inviting atmosphere. The updated kitchen is a chef's dream, featuring waterfall-edge counters, modern cabinets, and ample counter space, complemented by a wine fridge. The kitchen flows seamlessly into the great room, boasting wood beams, a striking stone fireplace, and a bar with sink for effortless entertaining. The formal dining area impresses with a textured accent wall and an attractive light fixture, offering a sophisticated space for memorable meals. Arched niches and raised panel doors with black hardware add timeless character throughout. The primary bedroom is a private retreat with direct patio access, while the en-suite bathroom is a showstopper. It features floating vanities with square sinks, a standalone soaking tub, a huge walk-in shower with double rain heads and body sprays, and a glass surround, all bathed in natural light with views of the property. The primary walk-in closet offers built-in shelving for optimal organization. The stylish half-bathroom boasts regal accents, and the updated guest bathroom ensures everyone feels at home. Outside, an extended covered patio with a skylight overlooks the sprawling lot, offering plenty of room for your dream backyard oasis. With RV parking, no HOA, and endless potential, this home provides exceptional freedom and flexibility. This property delivers beauty, practicality, and an enviable Scottsdale lifestyle. In the heart of Scottsdale, this location, a prime neighborhood known for its luxury living and vibrant amenities, is situated near Kierland Commons and Scottsdale Quarter. Residents can enjoy premier shopping, fine dining, and lively entertainment just minutes away. Outdoor enthusiasts will appreciate the proximity to McDowell Mountain Regional Park and the Scottsdale Greenbelt for hiking, biking, and recreation. The area boasts world-class golf courses and easy access to the Loop 101 for seamless commuting. This address is also surrounded by upscale communities with meticulously maintained landscaping, tree-lined streets, and nearby parks, making it a perfect blend of convenience and upscale living.

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