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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7624 E Charter Oak Road Scottsdale, AZ 85260

$1,295,000

3 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6719798

Property Type Single Family Residence

Price Type --

Discover a meticulously renovated masterpiece in the heart of Buenavante. This home has undergone a complete metamorphosis, boasting a new roof, windows, doors, and a sleek synthetic stucco exterior. Inside, you'll find elegant engineered hardwood floors, a gourmet kitchen, spa-like bathrooms, and modern finishes throughout. Enjoy peace of mind with a new AC system, repiped plumbing, and a revitalized outdoor oasis featuring a resurfaced pool, lush landscaping, and automated irrigation. With a spacious 13,000 sq ft lot, there's ample room to create your own private retreat, such as a casita or guest house. Perfectly located near top-rated schools, shopping, dining, and major freeways, this home offers the ultimate in convenience and luxury. Don't miss this opportunity to own this home. Don't miss this opportunity to own a truly exceptional property. Schedule your private showing today!

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7272 E Gainey Ranch Road Unit 43 Scottsdale, AZ 85258

$1,295,000

2 Beds

3 Baths

1,895 SqFt

Status Active

MLS # 6730003

Property Type Townhouse

Price Type --

Enjoy the Gainey Ranch lifestyle in this updated 2 bedroom plus den condo with 3 full baths. Situated on the Lakes Golf course. Bright end unit with 2 master suites and views of the golf course. Both with large decks to truly enjoy the morning and afternoon sun. Enjoy all the amenities Gainey ranch has to offer. New ''state of the art'' Gainey Ranch Estate club with everything from tennis and pickle ball to a spacious work out facility. Close to shopping at the Gainey Village and walking to the Hyatt Hotel! Gainey Ranch offers an array of amenities, including tennis, pickleball, a fitness center, community pool and optional membership to the Gainey Ranch Golf Club. Enjoy top-tier shopping, dining, and entertainment just minutes from your doorstep.

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8707 E Clarendon Avenue Scottsdale, AZ 85251

$1,295,000

5 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6746680

Property Type Single Family Residence

Price Type --

Introducing the ''House of Gucci.'' a property that redefines what luxury, tranquility, and living your best life looks like! This stunning home features a spacious 5 bed/2 bath with the finest decor exuding elegance and beauty! The bright open floor plan leads out to the resort like backyard where endless fun begins. Take a dip in your sparkling heated pool and spa, roast marshmallows by the fire pit, entertain friends at your BBQ, or putting green, or simply just lounge on the beautiful outdoor furniture. Or perhaps stay inside the custom game room gathering with family and friends making memories. All this and in the most sought after part of Sunny Scottsdale, just minutes from the heart of Old Town where you can enjoy the finest dining, shopping and night life!

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2805 W Princeville Court Anthem, AZ 85086

$1,295,000

4 Beds

3.5 Baths

3,476 SqFt

Status Active

MLS # 6766141

Property Type Single Family Residence

Price Type --

WORLD CLASS VIEWS! TOP OF THE WORLD IN ANTHEM COUNTRY CLUB ON almost an ACRE and a half CUSTOM LOT (There are 9 of these custom lots and these homes are rarely for sale.) OVERLOOKS THE 18TH hole WITH 360 DEGREE MT. VIEWS and Golf Course Views. The lot is WOW and the views are even more WOW! 2 updated a/c's, Updated roof, Custom WINE CELLAR with iron door, granite counters, travertine floors, sculpture carpet, lots of water fun in the crystal clear blue pool and spa with grotto and swim up bar with seating in the pool and water features, fire pit, extended patio space and large raised view area, views all around! Stainless professional built-in appliances. Each bedroom has a private bathroom. PRIVATE, SERENE AND FABULOUS! ONE OF A KIND HOME with a real meandering driveway! (This is a pre 2013 Radisson model with the sunken wine cellar option, very cool!) FINALLY...a true opportunity to own a WOW VIEW property in Anthem Country Club for the most discerning Buyer! This home and its VIEWS will blow your socks off! Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!

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8989 N Gainey Center Drive Unit 101 Scottsdale, AZ 85258

$1,295,000

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6753423

Property Type Townhouse

Price Type --

Experience luxury living in this stunning 3-bedroom, 3-bath townhome located in Gainey Ranch, a prestigious guard-gated golf course community. Newly remodeled and situated on a premium corner lot near the pool and spa, this home boasts elegant finishes including hardwood flooring, custom metalwork, and beautiful waterfall quartz countertops. Relax in the Arizona sun on the expansive patio or oversized balcony. The newly renovated Estate Club offers exceptional amenities, including a state-of-the-art fitness center, swimming pool, and courts for tennis and pickleball. Conveniently close to fine dining, shopping, and entertainment in Scottsdale, this townhome is the perfect blend of luxury and lifestyle.

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4562 N Chelsea Drive Buckeye, AZ 85396

$1,295,000

3 Beds

3 Baths

3,190 SqFt

Status Active

MLS # 6760906

Property Type Single Family Residence

Price Type --

Experience luxury living in this sleek and stylish Desert Prairie home, nestled within the sought-after Regent Hills enclave of Verrado. Boasting a modern flair, this custom residence offers the perfect blend of sophistication and functionality. Enjoy the convenience of proximity to the golf course, practice facility, shopping, dining, and schools. This meticulously designed home features stained concrete floors and euro finishes, creating an ambiance of contemporary elegance. The spacious great room floor plan, comprising 3 bedrooms and 3 baths, seamlessly integrates indoor and outdoor living. Large window walls invite natural light and showcase panoramic mountain views, providing a picturesque backdrop for daily living. Step into your backyard retreat to discover an oasis of relaxation.

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4122 E Burnside Trail Cave Creek, AZ 85331

$1,295,000

5 Beds

3.5 Baths

4,580 SqFt

Status Active

MLS # 6761338

Property Type Single Family Residence

Price Type --

Sophistication meets comfort in this beautiful residence. Situated on a sprawling corner lot, this beautiful home offers an unparalleled blend of elegance and functionality. Boasting a fully remodeled chef's kitchen stands with modern style and culinary excellence. Adorned with top-of-the-line appliances, custom cabinetry, and exquisite finishes, it seamlessly transitions into the open living spaces, creating an ideal environment for both everyday living and entertaining. Your spacious fitness room awaits you, a dedicated space designed to elevate your wellness routine. Your gym offers the perfect sanctuary to achieve your fitness goals without leaving the comfort of your home. The outdoor oasis with a resort-style pool and spa will be the focal point for gatherings for years to come!

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5112 N 32nd Place Phoenix, AZ 85018

$1,295,000

3 Beds

3 Baths

2,420 SqFt

Status Active

MLS # 6764328

Property Type Single Family Residence

Price Type --

Fabulous opportunity in Biltmore Heights to make this your own! Tucked away on a beautiful street with 10,237 sq ft lot with RARE GUEST HOUSE & FULLY TILED POOL. High vaulted ceilings & kitchen opens to great room. Kitchen features stainless steel counter tops, subzero refrigerator, Viking cooktop, & Bosch dishwasher. Kitchen has a dutch door that opens to the gated courtyard for beautiful weather days. Fabulous outdoor living with large covered patio, cozy fireplace, and built in BBQ area w/ sink. NEW AC unit in 2024. Main home is 2 beds/ 2 baths and guest house is 1 bed/1 bath. Storage shed on the south side of the home.

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39101 N 26th Street Cave Creek, AZ 85331

$1,295,000

3 Beds

2.5 Baths

2,862 SqFt

Status Active Under Contract

MLS # 6736724

Property Type Single Family Residence

Price Type --

Exceptionally Energy efficient Home with Huge Resort Retreat backyard & Mountains you can almost touch!! Stunning Integra Energy-Efficient Block Custom home on over 1 acre. Just under 3,000 sq ft. Perfect size for your forever home. Roomy entertainers kitchen with Sub Zero built in refrigerator, GE Convection double ovens & range, Bosch dishwasher, kitchen island, built-in microwave, R/O system, roll-out shelving & large walk in pantry. Eat-in Kitchen breakfast area , Plus a Formal Dining room. First Class all the way professionally designed backyard oasis that Includes PIZZA over and a separate dance floor level. 25 year warranty Rhino paint exterior. RV spot with own 50 Amp hook up. 3 car extended garage with epoxy floor.

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3823 Ridge Runner Way Wickenburg, AZ 85390

$1,295,000

3 Beds

3.5 Baths

3,024 SqFt

Status Active Under Contract

MLS # 6747412

Property Type Single Family Residence

Price Type --

This exquisite home, located in Wickenburg Ranch, spans over 3,000 square feet, offering a perfect blend of luxury and comfort. With 3 spacious bedrooms, each featuring its own ensuite bathroom, the home ensures privacy and convenience for all residents and guests. The property is set on a desirable golf course lot, providing stunning views and a serene atmosphere. The backyard is a haven for outdoor enthusiasts, complete with a putting green for golf practice and a large covered patio ideal for entertaining or relaxing in the shade. Inside, the home is adorned with elegant wood-look tile flooring throughout, combining beauty with low-maintenance durability. The highly upgraded kitchen is a focal point, with its granite counters and full backsplash, Monogram and Wolf appliances, beverage refrigerator, and even an extra electric circuit With plenty of counter space and cabinet storage as well as a pantry it is truly a chef's delight. All of the highly upgraded cabinetry has soft-close doors and drawers as well as pull-out shelves. The primary bathroom offers a spa-like experience, featuring a luxurious tub and a separate upgraded shower, split vanities and custom-designed linen cabinet. The 4' extended 3- car insulated garage has epoxy flooring, hanging storage racks, and a mini-split HVAC system along with outside access. The property is set on a large, premium, East-facing desirable golf course lot, providing wrap- around views and stunning sunrises. The backyard is a haven for outdoor enthusiasts, complete with a putting green and chipping area for golf practice, viewing area to take in the fairway and lake views, and a double-extended covered patio ideal for entertaining or relaxing in the shade. The landscaping around the property is beautifully designed, enhancing the home's curb appeal and providing a tranquil environment. This home is a true gem, offering a sophisticated lifestyle in a stunning setting. Additionally, the home includes a full home warranty plan valid until September 2027..

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8290 E Tailspin Lane Scottsdale, AZ 85255

$1,295,000

4 Beds

3 Baths

2,518 SqFt

Status Active

MLS # 6770656

Property Type Single Family Residence

Price Type --

Discover luxury living in this beautifully updated 4-bedroom, 3-bathroom home nestled within the prestigious, community of Grayhawk. This residence offers a seamless blend of modern updates and timeless design, ideal for both comfort and entertaining. Step inside to find luxury vinyl flooring throughout the main living areas, paired with custom window coverings and plantation shutters, creating an elegant and refined aesthetic. The updated kitchen boasts a complete suite of stainless steel appliances, granite countertops, and refaced cabinets, with ample storage to meet all your needs. The spacious primary suite features a stunning ensuite bathroom, complete with a custom-tiled walk-in shower, double vanity, and a generous walk-in closet. Secondary bathrooms Secondary bathrooms have also been thoughtfully refreshed, showcasing granite counters and refaced cabinetry. Outside, unwind in your private backyard, complete with a heated pool and an expansive covered patioperfect for Arizona's year-round outdoor lifestyle. The home is filled with an abundance of natural light, enhancing the warmth and charm of every space. Don't miss this incredible opportunity to own a beautifully maintained and thoughtfully upgraded home in Grayhawk!

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6550 N 7th Street Phoenix, AZ 85014

$1,295,000

6 Beds

4.5 Baths

5,601 SqFt

Status Active

MLS # 6765697

Property Type Single Family Residence

Price Type --

Here's your chance to own something truly special in North Central—a home that sits on just under a half-acre and on one of the area's most sought-after streets. The main house offers over 4,000 sq. ft. of space, elegant stone floors, a stunning wrought iron staircase with hand crafted granite steps leading to the second story; has all been revamped in recent years. Remodeled bathrooms and a refreshed Arizona room offers new flooring and it's own cooling unit create a multitude of uses, includes separate kitchen hook-ups. The home is equipped with powerful HVAC systems, including two 4-ton units for the main house and a 1.5-ton split unit for the Arizona room. Tucked away in the back, the 1,540 sq. ft. guest house was originally built as an RV garage but has been thoughtfully transformed into an industrial loft style, 2-bedroom, 1-bath homeideal for guests, family, or even rental potential, includes a 3-ton AC unit. Out back, there's a wrap around diving pool, installed in 2014 and the pool pump was just replaced in 2023. For the car collector, this property offers parking for up to 12 vehicles, plus a 2-car garage. This is more than just a home; it's a rare opportunity to own a piece of North Central Phoenix with space, updates, and versatility that's hard to find.

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