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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

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

2173 N Iowa Street Chandler, AZ 85225

$594,990

3 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6774238

Property Type Single Family Residence

Price Type --

Brand New Home Alert! Welcome to Arbor Square, where luxury and convenience meet in the heart of Downtown Chandler. Nestled within walking distance to the vibrant Downtown Chandler Entertainment District, our community provides the perfect balance of urban living and peaceful escape. Each home at Arbor Square boasts top-of-the-line amenities, designed with your comfort and convenience in mind. From elegant quartz countertops to luxury vinyl plank flooring, every detail has been carefully selected to provide you with a high-end yet modern living experience. Our homes also feature pre-wiring for EV chargers, making it easy for you to stay connected and eco-friendly. Our community is designed to give you all the perks of luxurious living without the hassle of upkeep. Experience the best of urban living in a peaceful and modern setting at Arbor Square. Come find your perfect home today! Photos are of the builder's model of a similar floor plan, actual home is under construction. Contact listing the agent for additional incentives. Agents Must accompany their clients upon their first visit.

View Property

2627 N 30th Place Phoenix, AZ 85008

$594,900

2 Beds

1 Bath

800 SqFt

Status Active

MLS # 6688674

Property Type Single Family Residence

Price Type --

ATTENTION INVESTORS AND BUILDERS. Small rental home on this amazing RARE LARGE parcel size of 17,000sf!! Zoning is R1-6, so each lot (without a variance) needs a minimum of 6,000sf per lot, but many lots in the area are less than 6,000sf. No variance needed if you split the site into two lots and you could build one home on the South lot and keep the small home on the North lot as rental income ($1,500/mo) until you are ready to tear it down and build a new home. Phoenix zoning now allows ADUs (Additional Dwelling Units). Many new homes are being built in the immediate area and this is a RARE parcel size!! See photos with potential development ideas. Check with city to verify all info. Please don't disturb the tenants by walking the lot without permission from agent. THANK YOU!

View Property

769 W Citrus Way Chandler, AZ 85248

$594,900

3 Beds

2 Baths

1,979 SqFt

Status Active

MLS # 6738698

Property Type Single Family Residence

Price Type --

This fabulous residence nestled in the Fox Crossing Community is the one you've been looking for! Make yourself at home in the inviting interior showcasing a designer color palette, neutral tile flooring, and soft carpet in all the right places. The well-appointed kitchen boasts wood cabinetry adorned with crown moulding, sleek granite counters, matching built-in appliances, pendant lighting, a stylish mosaic backsplash, and a center island equipped with a breakfast bar. The serene main bedroom features private outdoor access, an immaculate ensuite with dual sinks, separate tub/shower, and a walk-in closet. Spend relaxing afternoons along with your loved ones in the charming backyard, offering a covered patio and an easy-care landscape! Don't let this home slip by!

View Property

15 W Palmcroft Drive Tempe, AZ 85282

$594,900

3 Beds

2 Baths

1,608 SqFt

Status Active

MLS # 6767877

Property Type Single Family Residence

Price Type --

Beautifully updated mid century gem with all the historic charm intact in the heart of downtown Tempe! Impeccably maintained with updates galore featuring 3 bed/2 baths, large professionally landscaped lot, award winning schools, walking distance to ASU, downtown Tempe and Gammage. Updates include: new roof, new Trane a/c, plantation shutters, professionally landscaped backyard including irrigation system, block wall/fence, gate, extended covered patio & large storage shed, new windows, interior and exterior doors, remodeled kitchen, stainless appliances, remodeled bathrooms, interior and exterior paint & newer water heater. Date Palm Manor is a historic designated neighborhood which reduces owner property taxes by half.

View Property

9919 E Radioactive Drive Mesa, AZ 85212

$594,900

3 Beds

3 Baths

2,115 SqFt

Status Active Under Contract

MLS # 6655238

Property Type Single Family Residence

Price Type --

Major Price Reduction! Better than New! 3 Bed + Den, 3 Baths, 3 Car Tandem Garage. Very spacious floorplan. Wood Plank Like Tile Flooring w/Upgraded Carpeting. Across the street from a park. Features Include: Butler Pantry, Large Kitchen Pantry, Gas Cook Top, Granite Countertops throughout w/ Island &Breakfast Bar, White Cabinets with Pull Handles, Wood Shutters, Soft close drawers & cabinets, Gas Stub for BBQ, Walk-In Master Shower, Extra Insulation to Garage, Built in Classy Closets in Garage w/overhead cabinets, Epoxy Garage Floor, Backyard Fully Landscaped w Brick Pavers and Artificial Turf, Water plumbed to backyard to add irrigation for garden boxes, Pavers at Front making driveway wider, Overhead cabinets in Laundry. 5 minute freeway access. Eastmark Community offers: Heated Pool, Splash pad, Dog parks, Many Parks, Tennis courts, Fishing Pond, Ball fields, Frisbee golf course and Rec Center. There are many recreational spots close by including a regional sports park just south of this home on Ellsworth and Pecan Lake Entertainment which offers many various attractions and restaurants.

View Property

2451 E Glencove Street Mesa, AZ 85213

$594,900

6 Beds

3 Baths

2,950 SqFt

Status Active

MLS # 6778523

Property Type Single Family Residence

Price Type --

Discover the charm of this 6-bedroom, 3-bath property, NO HOA, now for sale! You'll love the sizable living areas featuring tall ceilings, neutral paint tones, and hardwood flooring, creating an inviting atmosphere for hosting and entertaining. The kitchen is the heart of the home, equipped with generous counter space, a mosaic tile backsplash, rich wood cabinetry, recessed lighting, and a breakfast bar. Retreat to the main suite, boasting two ceiling fans, a sitting area, an ensuite, and a walk-in closet. Venture upstairs to find more sizable bedrooms! Experience the ultimate outdoor lifestyle with weekend BBQs, refreshing swims in the crystal-clear pool, and endless opportunities for relaxation and fun. What are you waiting for? Make this gem yours today!

View Property

12800 N 172nd Drive Surprise, AZ 85388

$594,325

5 Beds

3.5 Baths

3,159 SqFt

Status Active

MLS # 6756193

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN!!!!! SELLER IS OFFERING INTEREST RATE AND CLOSING COST ASSISTANCE! This beautiful new home is a must see. 5 bedrooms, 3.5 baths, loft and a 3-car tandem garage. 1st floor Owner's Suite! Beautiful, tiled floors on 1st floor including the Great Room, upgraded carpet upstairs and in bedrooms, The home has a large open kitchen and great room. Beautiful gray Cabinets, Quartz countertops, Stainless steel appliances and a large kitchen island. Secondary bedrooms are good size, and some have walk in closets, they are all surrounded by a spacious loft. The home is on a large lot that gives you many entertaining opportunities and has no backyard neighbors. THIS HOME IS COMPLETED!

View Property

4307 N 15th Drive Phoenix, AZ 85015

$594,100

4 Beds

2 Baths

1,629 SqFt

Status Active

MLS # 6723895

Property Type Single Family Residence

Price Type --

Welcome to this charming single-family home located in the desirable Bel Air community. It features 4 bedrooms, 2 bathrooms, and spans 1,629 square feet in a desirable area. This home offers a mix of classic appeal and modern updates. This home provides an ample outdoor space, including a private pool which has been fully updated and covered patio. The home is near schools, parks, and shopping, making it ideal for families.

View Property

18710 E Rio Lane Rio Verde, AZ 85263

$594,000

2 Beds

2 Baths

1,954 SqFt

Status Active

MLS # 6743115

Property Type Townhouse

Price Type --

Being sold *COMPLETELY FURNISHED*, large townhouse in Rio Verde with golf and mountain views. Located on the 3rd green of the Quail Run golf course . With 1954 Sq Ft, two Primary En-Suites, large great room and dining areas. This home has been remodeled with tile floors, carpet in the bedrooms. Kitchen recently remodeled, featuring new cabinets and stainless steel appliances, both bathrooms have been remodeled as well. Large walk-in pantry. Split floorplan with security roller shields on each window, pavers on the back patio. Two new AC units in 2023. Across the street is a small community pool! The Country Club is within walking distance with fine and casual dining. the Community Center, Tennis, Pickle Ball and Boccee Ball Courts as well as the large community pool and heated spa.

View Property

7430 E Coronado Road Scottsdale, AZ 85257

$594,000

3 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6707659

Property Type Single Family Residence

Price Type --

Located in the sought-after Old Town Scottsdale and near Tempe/ASU, this single level homes boasts tons of on-trend features catering to both comfort and functionality. Chef's eat-in kitchen has black granite counters, center island with breakfast bar, stainless appliances, gas cooktop, and a large bay window that brings in plenty of natural light. Other features include tile and wood laminate flooring, open great room with wood accent wall, and an attached garage. The Primary bedroom has en-suite bathroom with walk-in shower and granite vanity. The new 2021 AC unit ensures high efficiency for low energy costs! Double door exit to the North facing backyard with a green grass lawn, ally access gate, lush landscaping, and a paver patio.

View Property

8814 E Sunnyside Drive Scottsdale, AZ 85260

$594,000

3 Beds

2 Baths

1,385 SqFt

Status Active

MLS # 6739588

Property Type Single Family Residence

Price Type --

Quiet neighborhood in a fantastic North Scottsdale location with easy access to Loop 101. This 3 bedroom home offers a 2 car garage with a Brand New epoxy floor, a newer tankless water heater (2023), and spacious living. Welcoming courtyard & private backyard. The sizeable living room has newer ceiling fans and plantation shutters. Breakfast area in the kitchen, large primary bedroom with walk-in closet & open vanity area, ceiling fans in every room, and all appliances are included. Very well maintained community with heated pool, spa, & tennis/pickleball. HOA maintains the front yard too!

View Property

253 E Sherri Drive Gilbert, AZ 85296

$594,000

4 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6762235

Property Type Single Family Residence

Price Type --

Great home in a fantastic location! 4 bedrooms, 2.5 baths and a 3 car garage. Boasts a formal living room with dramatic ceilings, in addition to a family room. The kitchen features Shaker cabinets, granite countertops, stainless steel appliances, a pantry and a breakfast bar. The master suite is spacious and includes separate tub and shower, dual vanities and a walk-in closet. The backyard space has a new, (3 yr old) beautiful, heated pool and spa, with new app control technology. Backyard also has gas stub ready for your firepit, bbq, etc. Only 5 minutes to downtown Gilbert and walking distance to Gilbert town square. A must see!

View Property