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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

14015 N Hampstead Drive Fountain Hills, AZ 85268

$648,000

3 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6760210

Property Type Single Family Residence

Price Type --

Welcome to your ideal home! This single-story gem boasts 3 beds, 2 baths, and a spacious 2-car garage, spanning 2122 square feet of comfortable living space. As you step inside, you're greeted by the charm of beamed ceilings and a focal fireplace, creating a cozy ambiance. The home features energy-efficient windows and sliders installed in 2022, along with a new HVAC system for optimal comfort year-round. Enjoy the convenience of a circular driveway & the beauty of pavers & turf in the backyard, perfect for low-maintenance yet stylish outdoor living with no HOA!

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21632 N 58th Drive Glendale, AZ 85308

Open House

$648,000

4 Beds

2 Baths

2,388 SqFt

Status Active

MLS # 6776336

Property Type Single Family Residence

Price Type --

A beautiful, move-in ready home for sale in sought-after neighborhood of Arrowhead Lakes! The soaring 10'+ ceilings in the formal living room welcomes you in once you open the front door. Honey maple cabinetry in the kitchen, and all interior doors were custom-built honey maple doors. Huge primary bedroom with a patio door to the backyard oasis; tiled walk-in shower in primary bathroom with a jetted tub; RV gate, 3-car garage, fresh paints in common area, utility sink in the good size laundry room, and this house is sitting in a huge lot over 11,000 sqft in a cul-de-sac. A+ schools, convenient to shoppings, freeways and more. Come see this gem today!

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840 W Flatiron Trail Apache Junction, AZ 85120

$647,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750838

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by Nov/Dec. Conveniently located near community parks, grocery stores, and dining options.

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2508 E Nancy Lane Phoenix, AZ 85042

$647,900

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6757871

Property Type Single Family Residence

Price Type --

Your new dream home comes complete with a white picket fence and mountain views! Ideally located within a gated community, this north/south facing property has SO many extras! Premium lot next to a walking path to the east. Enter your private front courtyard through a wrought iron gate. Once inside, you'll love the stunning chef's kitchen with HUGE walk-in pantry, granite counters, backsplash tiles added to large island, pendant lights, R/O system and large drawers under the cooktop. Primary bath features a walk-in shower with dual shower heads, two sinks and a barn door. Other extras include tankless water heater, laundry sink, three car garage with separate one-car garage stall perfect for a workshop and a spacious backyard. This one is SPECIAL...make it yours!

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33309 N Maverick Mountain Trail San Tan Valley, AZ 85144

$647,755

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6713882

Property Type Single Family Residence

Price Type --

Beautiful new single-story home in Sentinel at Oro Ridge. Featuring 4 bedrooms, 3 bathrooms, and an attached 3 car garage, this luxurious home is loaded with designer selections. The Executive Kitchen has a Banco diamond sink, backsplash, and a 12' multi panel sliding glass door. Highlights throughout the home include Sonoma painted harbor cabinets with 42'' uppers, quartz countertops, wood look tile, and upgraded carpets. 12' ceilings can be found in the great room. There is also a separate tub/shower with an enlarged tub. The attached 3 car garage features a garage service door. In the back yard there is a gas line installed to the patio for a future BBQ and pavers at the driveway and front porch in the front yard. Enjoy walking and biking paths, a playground, and more!

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7033 N 16th Place Phoenix, AZ 85020

$647,500

3 Beds

2.5 Baths

1,958 SqFt

Status Active

MLS # 6778426

Property Type Single Family Residence

Price Type --

Find the perfect balance of modern convenience and serene living in this beautifully remodeled North Central patio home, nestled within the highly sought-after Monteil Townhomes community. Built in 1998 and thoughtfully updated, this 3-bedroom, 2.5-bath retreat features vaulted ceilings in the entry, den, and family room, creating an inviting and spacious atmosphere. Recent upgrades include a new roof and air conditioner (2020) and updated stainless steel appliances, making the timeless kitchen a cooking sanctuary with custom cabinetry and a handy eat-in space. The third bedroom doubles as an ideal home office, perfect for today's work-from-home lifestyle. The backyard, with its tranquil fountain and paver walkway, offers a peaceful escape, easily accessible from both the primary bedroom and the living area. Storage is ample with a two-car garage equipped with built-in cabinets. Monteil Townhomes are rarely available, and this gem offers lush patios, abundant natural light through large windows and skylights, and easy access to the Arizona Canal Trail just steps from your door. Whether you're an outdoor enthusiast or someone who appreciates proximity to dining and shopping, this home provides it all.

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11049 E Quartet Avenue Mesa, AZ 85212

$647,000

4 Beds

3 Baths

2,280 SqFt

Status Active Under Contract

MLS # 6766763

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3-bathroom corner lot home sits on a sprawling 13,542 sqft lot, offering both luxury and space! With 2,280 sqft of living area, this home features a family room, great room, and an Arizona room, all with tall ceilings, tile flooring, and soft carpet, and large windows that flood the space with natural light. The split primary bedroom includes a full bathroom and a walk-in closet. The kitchen features granite countertops, a large island, a pantry, and beautiful wood cabinets, along with both formal and eat-in dining areas. Outside, enjoy a screened-in patio, a covered patio with a built-in BBQ, and a private heated pool and spa, all set in a professionally landscaped yard with turf and gravel stones. Additional features include a 3-car garage and an RV gate!

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22803 S 215 Street Queen Creek, AZ 85142

$647,000

4 Beds

2.5 Baths

2,702 SqFt

Status Active

MLS # 6780283

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home that seamlessly combines contemporary style, energy efficiency, and a prime location. From the moment you step inside, you'll be captivated by the vibrant, modern feel, with soaring ceilings and elegant architectural details throughout. The newly squared doorways, along with freshly painted interiors, create a fresh, inviting atmosphere. The home has been thoughtfully updated enhancing its stylish, turnkey appeal. The kitchen is a standout feature, boasting granite countertops, a custom tile backsplash, stainless steel appliances, including a brand-new dishwasher, and custom cabinetry. A spacious pantry is ready to accommodate all your culinary needs, whether you're shopping at Costco or whipping up (click more) gourmet meals at home. The large primary suite offers a true retreat, featuring a spa-like bathroom with modern barn doors and breathtaking views of the golf course and mountains. It's the perfect place to unwind and enjoy peace and tranquility. The guest bedrooms are generously sized and offer plenty of storage, while the stylish bathrooms ensure comfort for family and visitors alike. A versatile office or loft space offers flexibility for your needswhether you're working from home or relaxing in your personal sanctuary. Step outside to discover a spectacular backyard with a beautiful pool, lush artificial turf, and multiple lounging areas that provide both sun and shade. Whether you're hosting friends, soaking up the sun, or enjoying a quiet moment at sunset, you'll be surrounded by breathtaking golf course and mountain views. Energy efficiency is key in this home, which is equipped with a new solar panel system, HVAC systems (2), and a new roof, lowering your energy costs and your carbon footprint while adding to the overall appeal. Community Amenities: Golf Pickleball Tennis Pool (heated) Fitness center Community events This home truly has it allstyle, comfort, energy efficiency, and a prime location with incredible views. Whether you're looking to entertain or relax, this home offers everything you need for modern living in a vibrant, welcoming community. Don't miss your chance to own this incredible home! Come tour today!

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25985 W Tonopah Drive Buckeye, AZ 85396

$646,999

5 Beds

4 Baths

4,067 SqFt

Status Active

MLS # 6755613

Property Type Single Family Residence

Price Type --

SELLER OFFERING $10,000 CREDIT TOWARDS CLOSING OR RATE BUY DOWN! Welcome to this stunning, massive home located in the desirable Festival Foothills community! Boasting over 4,000 sq. ft., this spacious property features 5 bedrooms and 4 full bathrooms, including 2 luxurious master suites and a convenient downstairs bedroom and full bath—perfect for guests or multi-generational living. ALL 5 BEDROOMS HAVE WALK IN CLOSETS. The large, entertainer's kitchen is ideal for hosting, with ample space and two pantries, including a walk-in. Enjoy a variety of living spaces with a formal sitting room, living room, and an upstairs loft, offering plenty of room for relaxation or activities. Home has assumable VA loan at 3.65%! Step outside to your own private oasis, complete with a beautiful pool and spa, highlighted by a rock waterfall slide. The home also features owned solar panelsno payments requiredadding incredible energy efficiency! Also includes new hot water heater and water softener system. With no carpet downstairs, ample functional storage throughout, and a 3-car garage, this home is both elegant and practical. Don't miss out on this extraordinary home, it won't last long!

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15683 W Mercer Lane Surprise, AZ 85379

$646,694

5 Beds

4 Baths

3,475 SqFt

Status Active

MLS # 6760310

Property Type Single Family Residence

Price Type --

BRAND NEW COMMUNITY. LOCATION LOCATION LOCATION. This one is located East of the 303 and has great accessibility to shopping and freeways. This home is a wonderful 5 BR, 4 bath home with a loft and formal dining and a 3-car garage. Beautiful gourmet kitchen has a large island that opens up to the great room. Upgraded Painted Linen cabinets, quartz counters with a custom backsplash and gourmet appliances. This home has the sought after bottom floor bedroom and full bath as a guest suite. Upstairs you will love the large loft, large secondary rooms with walk in closets and the Owner's suite! Owner's suite has separate tub and shower, two walk in closets and separate vanities! THIS HOME WILL BE COMPLETED IN NOVEMBER. PHOTOS ARE OF A MODEL OF THE SAME PLAN COME SEE THIS ONE

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5845 S Romano -- Mesa, AZ 85212

New

$646,589

3 Beds

2.5 Baths

2,491 SqFt

Status Active

MLS # 6788617

Property Type Single Family Residence

Price Type --

MLS#6788617 March Completion! Explore the stunning Hillary floorplan at La Mira! This thoughtfully designed single-story home features 3 bedrooms, 2.5 baths, a study, and a game room. At its heart is an open-concept layout with a spacious gathering room, a chef-inspired island kitchen, and a cozy dining area. Sliding glass doors lead to an extended covered patio and a beautifully finished backyard. The secondary bedrooms share a Jack-and-Jill bath, while the private study is conveniently located near the front entry. The owner's suite, tucked at the back, offers a serene retreat with a walk-in closet and a luxurious en-suite bath. Structural options include: soft water loop, extended covered outdoor living, 12'x8' sliding glass door, game room, and gas line for future outdoor kitchen.

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1199 N Melody Circle Chandler, AZ 85225

$645,900

4 Beds

3 Baths

2,997 SqFt

Status Active

MLS # 6734457

Property Type Single Family Residence

Price Type --

Motivated Seller; This stunning home sits on a pool-sized lot. 4 beds, 3 baths, an extra office, a bonus room, and a loft. (6/7 rooms). The separate living and family rooms allow you to spread out and enjoy. RV gate with a good-sized cement pad, and an extra storage room with A/C. The downstairs has a nice office with built-in cabinets and a large bedroom with a separate entrance to the outside. (perfect mother-in- quarters room) Upstairs has a loft with the 3 other bedrooms. A remodeled kitchen with a huge island opens to a large family room and views of the backyard. Both AC units are less than 1 year old. Newer paint, flooring, Blinds, fans, lights, etc. This home has so much to offer and is in a wonderful location. Hoa only $30.00 a month. Bring me some offers!

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