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.
Click Here to See What Your Home is Worth
41451 Hwy 180 2319 Road
Nutrioso, AZ 85932
$600,000
1
Bed
1
Bath
816
SqFt
Status
Active
MLS #
6782430
Property Type
Single Family Residence
Price Type
--
Tucked away at the foot of Escudilla Mountain in Nutrioso, AZ lies this 20 acres of heaven. The cozy cabin has 1 bedroom, 1 bath, open loft, & covered deck. The well is shared with the adjacent 20 acre ranch property. They may be purchased together for a price discount. MLS # 253554. Property may be used for a variety of ranch, farm, RV park, hunter retreat or other creative scenarios. This is a wildlife thoroughfare in which turkey, deer and elk abound. Lying just off of Hwy 180, it includes two 10 acre parcels , #102-39-005B and 102-39-005C, which provide plenty of acreage to expand. Cabin is 80% complete. See SPDS in Document Tab for more info. Buyer must be accompanied by his agent to enter the property. Owner is licensed Real Estate Broker in AZ
22950 E Bonanza Way
Queen Creek, AZ 85142
$600,000
4
Beds
2.5
Baths
3,111
SqFt
Status
Active
MLS #
6787710
Property Type
Single Family Residence
Price Type
--
Discover modern living in the Madera community of Queen Creek! Madera's amenities include a pool, playground, and pickleball courts, while Frontier Family Park, with its splash pad and fun features, is just a short walk away. For outdoor enthusiasts, hiking and biking at nearby San Tan Regional Park offer endless adventures. This newly built 2023 home features 4 bedrooms, 2.5 bathrooms, and a thoughtfully designed two-story floor plan with smart home upgrades throughout. The heart of the home is the stunning kitchen, complete with an expansive center island with a breakfast bar. 3 car garage with 120 V outlet. The kitchen seamlessly flows into the spacious family room with sliding patio doors—perfect for entertaining! A downstairs den and an upstairs loft provide extra flexibility for play, or relaxation. Each of the four generously sized bedrooms offers walk-in closets, while the split layout ensures privacy for the primary suite, which offers a beautiful full bath. Convenience is key with an upstairs laundry room, including a washer and dryer, and an installed water softener. Outside, enjoy a low-maintenance backyard with a covered patioideal for outdoor dining or relaxing. This home is the perfect blend of comfort, style, and convenience!
18214 W Medlock Drive
Litchfield Park, AZ 85340
$600,000
4
Beds
2.5
Baths
3,031
SqFt
Status
Active
MLS #
6769264
Property Type
Single Family Residence
Price Type
--
Beautiful 4-bedroom home in Azure Canyon! Its charm starts with a mature landscape, 4 car garage, & a private courtyard. Home exudes elegance with chic light fixtures, a neutral palette, tons of natural light, and tile & plush carpet t/out. Just off the front entry, you'll find a formal dining room & a versatile den. The large living room perfectly flows onto the gourmet kitchen, making entertaining a bliss! Granite counters, a walk-in pantry, a large island, espresso cabinetry, a cozy nook, and SS appliances w/cooktop gas make up the culinary space. Primary bedroom has an ensuite with dual sinks & a walk-in closet. Laundry room with cabinetry & storage closet. You'll LOVE the north-facing backyard with a covered patio, well-laid pavers, artificial turf, & mountain views! Just WOW!
29778 N 129th Glen
Peoria, AZ 85383
$600,000
2
Beds
2
Baths
1,635
SqFt
Status
Active
MLS #
6784213
Property Type
Single Family Residence
Price Type
--
PRIME LOCATION & RARE FIND - this one-of-a-kind TURN-KEY Flora (furniture included) is situated on an EXTREMELY PRIVATE HOMESITE w/ NATURAL DESERT VIEWS!! Beautiful curb appeal w/ STONE ACCENTS greets you before entering the charming FRONT PAVER COURTYARD. Step inside & you'll be impressed - the pride in ownership is noticed when opening the door - this home is PRISTINE! The EAT-IN Kitchen is equipped w/ Engineered STONE slab, under cabinet & pendant lighting & a PREP ISLAND w/ access to the front crt yrd!! OVERSIZED TILE installed on the diagonal in all the right areas & DEN DOORS w/ MURPHY BED is the perfect flex space!! Step outside to paradise and enjoy the spectacular resort backyard oasis! The HEATED POOL, PRIVATE SPA & ROCK WATER FEATURE is the perfect setting to enjoy the EXPANSIVE DESERT & MOUNTAIN VIEWS!! The EXTENDED COVERED PATIO features a STUNNING FIREPLACE WALL w/ Built-in BBQ - the perfect space to enjoy the Breathtaking Views. Additional upgrades: SUN SHADE off the back patio, Misting System, custom window treatments, RO, Soft Water, Temperature Controlled Garage w/ Storage, 3kw OWNED SOLAR and so much more - Don't miss the opportunity to call this home!!
11265 E Watering Hole Street
Sierra Vista, AZ 85635
$600,000
3
Beds
3
Baths
1,882
SqFt
Status
Active
MLS #
6717957
Property Type
Single Family Residence
Price Type
--
COMPLETE OFF THE GRID 1880 SF 3 bdrm 3 bath two-story home. The house is brilliantly designed for passive solar gain through hundreds of windows on the south side of the home. On the north side there is covered parking for 4 vehicles. Conveniently located between Bisbee and Sierra Vista, the home is surrounded by vacant 40 acre parcels and State land. All new kitchen appliances, counters, wiring and plumbing. Brand Downstairs features brick flooring throughout, 2 bedrooms with lofts and hand-crafted ladders. One bedroom comes with an exterior door. There are 2 bathrooms downstairs, one with a tub and travertine tile shower. Propane tank is owned and full. The exterior rock work in retaining walls and custom-built bookcases are reflective of the skill and care that went into the home's creation. As in the rest of the house the emphasis is on the majestic 360 views-- hence the solar gain windows. Upstairs is the master bedroom and bath. A completely redone bathroom features; 24 X 12 ceramic tiles, custom bathtub and separate shower. The large master offers views that mesmerize, and the star gazing is surreal. Not by accident, the subdivision is designed with light pollution in mind for astronomical pursuits and of course horses. 5 STRAND BARBED WIRE FENCE SURROUNDS THE 40 ACRES. The $35,000 solar system is an EG4 and will serve all your electrical needs. Recent mini-split AC-Heat unit was installed. The registered well 55-546933 hits water at 151 feet, the well is drilled to 350 feet. Newer washer/dryer are conveniently located. A 1999 Ram pick-up goes with the property if wanted. A nesting pair of Screech Owls visit the carport in the early summer to raise their owlets. Tame and fun to watch!
4338 E Foundation Street
Gilbert, AZ 85234
$600,000
4
Beds
2.5
Baths
2,195
SqFt
Status
Active
MLS #
6730209
Property Type
Single Family Residence
Price Type
--
Welcome to Morrison Ranch, where even the cows are contemplating moving in for the sheer charm of this place. With an assumable loan option, a lower interest rate is possible. Gilbert's quirkiest and most delightful enclave has just what you're looking for - and probably a few things you didn't know you needed. As you step onto Foundation St, you're greeted by a 2-car garage that says, ''Yes, I can fit two cars, and maybe even a unicycle if you're feeling adventurous.'' This stunning 4-bed, 2.5-bath palace of practicality offers a whopping 2200 sq ft of living space, ensuring you have all the room you need for activities you'll never get around to. Click on ''more'' for additional fun!! With high ceilings that practically scrape the sky, a neutral palette that's the Switzerland of color schemes, and durable tile flooring that can survive everything from toddler tantrums to your clumsiest adult moments, this home has it all. The kitchen is the heart of the home, or in this case, the granite-countered, recessed-lit, stainless steel-applianced wonderland. The pantry is so spacious it could moonlight as a hide-and-seek champion, and the island with a breakfast bar is perfect for those mornings when you just can't decide if you're a cereal or a toast person. Upstairs, you'll find a quaint loft with a built-in desk for all your home office needs, or as we like to call it, the procrastination station. The main bedroom offers new carpeting that feels like walking on a cloud and a large walk-in closet where you can store your hopes, dreams, and an impressive collection of mismatched socks. The backyard boasts a refreshing pool that's just begging for a cannonball contest. And with the house just two doors down from the neighborhood park, it's the perfect spot to unleash the kids or the dogs - or the kid that thinks they're a dog. Location-wise, you're within walking distance to Cactus Yards Sports Complex, where you can watch local heroes hit home runs or possibly just hit the ground. Commuting is a breeze with proximity to Loop 202 & US 60, making your travel time as smooth as your favorite morning coffee. Now, for the nitty-gritty: this house has appraised at list price, because of course it has! Roof & AC inspections have been performed and given a clean bill of health, so you can sleep soundly knowing your new abode isn't about to spring a surprise leak or turn into a sauna. Why just read about this gem when you could be living in it? Schedule a visit today and see why Foundation St is the foundation of your next great adventure. Don't wait - homes like this are snatched up quicker than free samples at Costco!
22630 E Mewes Road
Queen Creek, AZ 85142
$600,000
3
Beds
2
Baths
2,243
SqFt
Status
Active
MLS #
6743388
Property Type
Single Family Residence
Price Type
--
Beautiful Crimson Model with North Facing Backyard. Barely Lived in, Super Clean. 3 Bedrooms Plus Bonus Room/Den. Kitchen includes White Cabinets, Granite Counters, Huge Island with Breakfast Bar, Stainless Steel Appliances and Walk-in Pantry. Open and Bright with 10 Foot Ceilings and Wood Plank Tile Floors. Primary Suite has a Large Bedroom, Double Sinks, Walk-in Shower, Soaking Tub, Large Closet and is Split from the other Bedrooms. Secondary Bedrooms have Walk-in Closets. Backyard includes an Extended Covered Patio, Lots of Paver Work, Synthetic Grass, Built-in BBQ and Raised Planter. 3 Car Tandem Garage has an 8 Foot High Door for Taller Vehicles and Epoxy Floors. Community Amenities: Two Pools, Splash Pad, Large Lake, Large Park Area, Children's Playgrounds, Fire Pits & so much More
7007 W Escuda Drive
Glendale, AZ 85308
$600,000
5
Beds
3
Baths
2,573
SqFt
Status
Active
MLS #
6769914
Property Type
Single Family Residence
Price Type
--
* NEW ROOF * NEWLY REMODELED BATHROOMS * NEW INTERIOR PAINT * HUGE LOT W/ RV GATE * RECENTLY UPDATED KITCHEN * Welcome home to your Arrowhead Lakes paradise with a massive backyard and sparking blue pool! Space is no shortage in the expansive living areas and 5 spacious bedrooms! This turn key house is ready for your personal touch as brand new neutral paint shows off in the ample amount of natural lighting throughout! Modern touches have been added in the bathroom remodels and lighting! If outdoor entertainment is a big part of your lifestyle, you will adore the lush green landscape that covers the sprawling backyard! Large shade trees help with keeping your home energy efficient while you cool down in your pool!!! Don't forget to check out the parks and golf courses that make Arrowhead lakes one of the most desirable communities in the valley!
220 N Nielson Street
Gilbert, AZ 85234
$600,000
5
Beds
3
Baths
2,357
SqFt
Status
Active
MLS #
6751130
Property Type
Single Family Residence
Price Type
--
Step into this inviting home, where the journey begins in the bright and airy living room, bathed in natural light streaming through the sliding door. The heart of the home is the beautifully designed kitchen, where stunning walnut cabinets, sleek stainless-steel appliances, and a versatile movable island create the perfect space for cooking and entertaining. As you explore further, you'll find the floors are a tasteful mix of travertine tile, engineered hardwood, and other quality materials, all contributing to the home's elegance. Descending four steps, you'll discover two additional bedrooms, a den or potential theater room, and a full bath—ideal for guests or a private retreat. Ascend to the second story to find two more bedrooms sharing a full bath, along with the tranquil master suite, complete with its own bath for ultimate relaxation. Stepping outside, the property continues to impress with a sparkling pool, an outdoor barbecue area, and an upgraded AC unit installed in 2020, ensuring year-round comfort. The garage offers convenience with a new door and opener, while significant updates like roof plywood replacement, enhanced insulation, and a newly dual-pane windows throughout the home ensure energy efficiency and comfort. Every corner of this home blends modern updates with thoughtful design, creating a perfect balance of style and comfort. PLEASE ADD TO THE CONTRACT: ITEMS THAT DO NOT CONVEY: Outdoor Security Cameras, refrigerator in the garage.
2457 N 26th Street
Mesa, AZ 85213
$600,000
5
Beds
2
Baths
2,120
SqFt
Status
Active
MLS #
6787912
Property Type
Single Family Residence
Price Type
--
You'll LOVE this beautiful 5-bed, 2-bath home in a great Mesa location! Featuring a 3-car garage, RV gate, & a grass front yard w/fruit tree. Home exudes sophistication with vaulted ceilings, neutral paint, chic light fixtures, and tile & soft carpet t/out. If entertaining is on your mind, the spacious open layout will surely impress you! The kitchen boasts built-in appliances, a pantry, recessed lighting, granite counters, a center island, ample white cabinetry w/crown molding, and a peninsula w/breakfast bar. Double-door main bedroom has a walk-in closet and an ensuite w/dual sinks & a tiled shower. Moving outdoors, tranquility awaits in the large backyard! A covered patio, lush lawn, playset, well-laid pavers, in-ground trampoline, & a storage shed complete the picture. Welcome home! New roof with premium underlayment completed in the fall of 2023. Upgraded electrical panel in March 2024.
15244 N 7th Place
Phoenix, AZ 85022
$600,000
4
Beds
2
Baths
1,932
SqFt
Status
Active
MLS #
6755157
Property Type
Single Family Residence
Price Type
--
Retro Beauty with Mountain View! Step into this charming 4-bedroom, 2-bathroom home, nestled on a spacious cul-de-sac with a large backyard, shed, and expansive covered patio for ultimate privacy. Enjoy stunning mountain views while relaxing in this serene setting. Inside, you'll find a cozy fireplace, formal living and dining rooms, and timeless old-world charm throughout. The master bathroom features a luxurious Steammist steam bath, transforming your daily routine into a personal spa experience. Located in a prime location, just a short distance from downtown, this home offers both convenience and character. A must-see for anyone seeking a blend of retro style, comfort, and modern luxury!
5940 S Cobalt --
Mesa, AZ 85212
$600,000
4
Beds
3
Baths
2,373
SqFt
Status
Active
MLS #
6754737
Property Type
Single Family Residence
Price Type
--
Offered for sale is this beautiful and well maintain 4 bedroom 3 bath home in Cadence. This home features 10 foot ceilings, and large living areas, gas plumbed for backyard BBQ, Tankless water heater, RO water goes to the fridge, carpet in the bedrooms and LVP in high traffic areas. Amazing Cadence community has many nice amenities including pool, club house and fitness center. Clear view of sunsets in the winter. This home is close to Arizona Athletic Grounds, grocery stores, gyms and freeway access.