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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2300 E Concorda Drive Tempe, AZ 85282

$623,500

4 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6704841

Property Type Single Family Residence

Price Type --

This 4 bedroom, 2 bath large open great room floor plan includes many features: Open kitchen with massive island, lots of counter space, many cabinets, Huge diving pool, Extra large master bedroom, 3 walk in closets, updated bathrooms, corner lot, RV parking with slab and gate, large storage shed, covered patios, North/South exposure, amazing location - close to Freeways, ASU, MCC, Mesa & Tempe Schools, Banner Hospital and Fiesta Mall. Lots of great restaurants close by too! Thank you for showing!!!

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5415 W Pontiac Drive Glendale, AZ 85308

$623,000

4 Beds

2.5 Baths

2,439 SqFt

Status Active

MLS # 6684020

Property Type Single Family Residence

Price Type --

Excellent LOCATION in Arrowhead Lakes. Million-dollar homes in the neighborhood. Close to shopping. Elegant 4 bedrooms with master suite on the first floor and lake/mountain views from the second floor.

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2740 S Pleasant Place Chandler, AZ 85286

$623,000

4 Beds

3 Baths

2,350 SqFt

Status Active Under Contract

MLS # 6744938

Property Type Single Family Residence

Price Type --

Fabulous 4 bedroom/3 bath home in the popular Chandler community of Carino Estates. Soaring ceilings & a beautiful wood staircase greet you as you enter. Formal living & dining rooms provide a perfect space for entertaining while the large family room is great for relaxation. Any chef would love the kitchen that boasts a plethora of upgraded cabinets, granite countertops with tile backsplash, pendant & recessed lighting, an island, breakfast bar and even a breakfast nook. The downstairs bedroom & full bath is a great space for guests. Upstairs you find the large master suite featuring a walk-in closet, separate tub & walk-in tiled shower, double sinks, his & hers closets & a sitting room that could double as an office or nursery. 2 additional bedrooms and another full bath can also be found upstairs. The back yard is a true private oasis with its covered patio, lush vegetation, large grassy yard & backing to the greenbelt so there are no neighbors directly behind. The 2-car garage and extended driveway provide plenty of parking and the RV gate leads to another concrete pad where you could park your toys. Located in a great community close to the 202 & 101 freeways and downtown Chandler with all its dining & shopping venues.

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2730 Nelson Lane Chino Valley, AZ 86323

$622,462

3 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6776501

Property Type Single Family Residence

Price Type --

BRAND NEW I Quick Move-in 1 Acre Lot in Peaceful Heritage Pointe. Nestled in Chino Valley, just outside of Prescott! This charming community offers a haven for families seeking an exceptional living experience. The homes in this community are build on 1-acre homesites, so you and your family can enjoy privacy while taking in the picturesque atmosphere. Heritage Pointe offers 7 distinct floorplans, modern amenities, open-concept layouts with designer finishes. For those enjoying travel, opt for a floorplan that includes an RV Garage! You won't want to miss out; plan a visit with us today.

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19016 W Rose Lane Waddell, AZ 85355

$621,915

6 Beds

3.5 Baths

3,159 SqFt

Status Active

MLS # 6770159

Property Type Single Family Residence

Price Type --

Amazing 2 story floorplan, Downstairs owners suite plus guest suite. Professionally decorated gourmet kitchen, quartz center island with stainless appliances, Wood plank tile in common areas, Quartz countertops, tiled backsplash, staggered Harbor cabinets, oversized great room and eat in kitchen, oversized laundry room. Massive loft upstairs, Jack & Jill bath. Enjoy the peaceful sunsets on your covered patio and mountain views. Plenty of room for everyone and extra space in the 3 car tandem garage. This home will be completed in December/January

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6798 W Andrea Drive Peoria, AZ 85383

$621,900

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6722958

Property Type Single Family Residence

Price Type --

Turnkey READY NOW-North/South Exposure. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. *Photos of similar spec to show layout, options will vary*

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10130 S Bickwell Trail Apache Junction, AZ 85120

$621,848

5 Beds

4 Baths

3,099 SqFt

Status Active

MLS # 6768168

Property Type Single Family Residence

Price Type --

Discover the exceptional difference in your home-buying experience! Welcome to Laurel at Blossom Rock, where our 2-story Ponderosa design w/ LIVE in SUITE is under construction now. Imagine an open-concept floor plan featuring a warm and welcoming kitchen that flows into a bright, airy great room. This space opens up to your private, extended covered outdoor room - perfect for relaxing or entertaining. With 5 spacious bedrooms, 3 luxurious baths, a great room with a dining area, and a flexible office space, this home has everything! Plus, we're including $81,000 in stunning upgrades to make this home truly special, and we're offering special financing to help NOW.

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28250 N 134th Avenue Peoria, AZ 85383

New

$621,469

4 Beds

3 Baths

2,318 SqFt

Status Active

MLS # 6788574

Property Type Single Family Residence

Price Type --

A soon to be complete single-story Harbor with a Ranch exterior elevation style. This 4-bedroom home plus a flex room offers 3 and a half baths and a 3 car tandem garage. The kitchen features stainless steel appliances and stylish Mocha colored cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

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7313 E Fillmore Street Scottsdale, AZ 85257

$621,000

4 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6762777

Property Type Single Family Residence

Price Type --

Well maintained single story home with great South Scottsdale location. Close to ASU and Old Town. The appealing interior boasts updated flooring, neutral paint, a welcoming living room, large eat-in kitchen with sliding glass door leading to back patio. Kitchen equipped with updated stainless steel appliances including new D/W, granite counters, ample cabinet space, a peninsula with breakfast bar. French doors of master leads to a spacious yard. Approximately 224 sqft Casita offers exercise room/ office. Large workshop shed only steps from RV Gate. Large side yard to store all your toys. New electrical house panel and cast in 2021. Insulation updated 2021. New Hot water heater 2023. Great Investment opportunity!

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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995

4 Beds

3 Baths

2,908 SqFt

Status Active

MLS # 6784619

Property Type Single Family Residence

Price Type --

*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

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3836 W Antelope Way San Tan Valley, AZ 85144

$620,995

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6779216

Property Type Single Family Residence

Price Type --

Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

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15531 W Piccadilly Road Goodyear, AZ 85395

$620,900

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6778730

Property Type Single Family Residence

Price Type --

South facing beautiful golf course home with front courtyard entry. Enchating outdoor living area with outdoor pergola, outdoor kitchen, outdoor bar, Misting system, Personal size Shasta Pool and heater if you want. Great landscaping for your privacy. Owner Solar with new solar converter, and if you have a green thumb a potting station, new heating and air, water softener system located in garage that as extra space for golf cart plus a hand wash sink in garage, front and back yard water system in him RO water system under sink. Sunburst shutters in Bedrooms and custom home office with built in custom cabinetry, Bedrooms both have walk-in closets. Both bathrooms updated. This home impresses with its high ceilings custom designed ET wall with lighting and built-in surround sound system with amplifier with builtin speakers. Great room with gas fireplace, 60in TV and windows have Hunter Douglas custom window treatments. bump out windows in kitchen nook second bedroom, ceiling fans, Stunning granite counters and klithen is upgrades and has under cabinet lighting, Spacious Utility Room. Also garage has storage cabinets. carpet free home, fence backyard. Seller is providing a home warranty.

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