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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3821 E Branham Lane Phoenix, AZ 85042

New

$575,000

4 Beds

3.5 Baths

2,203 SqFt

Status Active

MLS # 6786987

Property Type Single Family Residence

Price Type --

Step into this stunning former model home packed with upgrades and extras! This 4-bedroom, 3.5-bathroom gem offers green space and mountain views from the backyard, setting the tone for serene living. The spacious kitchen features granite countertops, upgraded cabinets, a gas range, and a large pantry—perfect for cooking and entertaining. A formal living area adds a touch of elegance and versatility. Upstairs, you'll find all 4 bedrooms, including two luxurious suites, each with a private bathroom. One suite even boasts its own private entrance, ideal for guests, in-laws, or a home office. The convenience continues with an upstairs laundry room, making everyday chores a breeze. Centrally located in Phoenix, this home is perfect for commuters with easy access to downtown and the airport. For outdoor enthusiasts, South Mountain trails are just minutes away, offering hiking and adventure at your doorstep. This home is loaded with standout upgrades, including a custom iron front door, soft water system, surround sound, 9-foot ceilings, recessed lighting, and more. Nestled in a gated community with walking paths, a playground, and a park just behind the house, it's the perfect spot for families or anyone seeking a vibrant, active lifestyle.

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23014 N 22nd Place Phoenix, AZ 85024

$575,000

3 Beds

2 Baths

1,554 SqFt

Status Active

MLS # 6775017

Property Type Single Family Residence

Price Type --

This is IT. The perfect home with an incredible location. With easy freeway access, lots of local parks and entertainment while still being situated in a nice quiet suburb. With a spacious 3 bedroom 2 bathroom floor plan with dining and entertainment space you will be ready to invite over all your guests. The pool and outdoor space is perfect with mountain views to relax and enjoy your new home. Only 12 minutes to Desert Ridge with dining, entertainment and shopping. Close enough to main freeways for an easy commute to Downtown, TSMC, or Scottsdale. This one is sure to check all your boxes! So go ahead and start packing them!

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3025 N 160th Avenue Goodyear, AZ 85395

New

$575,000

2 Beds

2 Baths

2,033 SqFt

Status Active

MLS # 6787438

Property Type Single Family Residence

Price Type --

Now here's a true value. Look at what you get for only $575K: pool with hot tub, 3-car garage, outdoor and indoor fireplaces, built-in grilling station, expansive and beautiful corner lot. Home consists of 2 beds, 2 baths, office and open concept living with eating areas. There are granite counters and stainless-steel appliances in the kitchen, and tile floors throughout. There's also a prepaid solar lease with approx 7 years of no solar lease payments left. Home inspection and appraisal were just done and are on file in the doc section. Home is priced at appraised value. This one is well worth the money.

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12132 W Ashby Drive Peoria, AZ 85383

New

$575,000

4 Beds

3 Baths

2,751 SqFt

Status Active

MLS # 6787370

Property Type Single Family Residence

Price Type --

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15735 W Autumn Sage Drive Surprise, AZ 85374

$575,000

3 Beds

2 Baths

2,282 SqFt

Status Active Under Contract

MLS # 6778325

Property Type Single Family Residence

Price Type --

Exquisitely updated Hacienda/Stonecrest model starting from the minute you walk up to the cozy front courtyard, Stone veneer finishes & cool deck driveway & sidewalk. Entrance has custom security door & front door. Formal living room for entertainment & dining area, all open to the spacious great room with custom fireplace, media wall with stone veneer, special lighting & TV included. Huge kitchen with refinished cabinets, tiled backsplash, beautiful granite countertops, stainless appliances plus an ice making machine & a massive breakfast bar with stone finish & double pantry. Split floorplan offers great privacy. Primary suite includes large picture window, oversized walk in closet, bathroom upgrades include granite counters, double sinks, plumbing fixtures & framed mirrors, lighting, hardware, tiled shower & door, tiled soaking tub surround. 2 spacious guest rooms, 1 with built in Murphy bed & desk. The guest bath has a walk-in shower, updated vanity, granite counters, plumbing fixtures & sink, hardware, mirror & lighting. Nicely appointed laundry room with built in cabinets. Absolutely stunning back yard extended covered patio with cool decking, massive rock water feature, beautiful mature landscape, wrought iron fencing. Additional upgrades include: Baseboards, wood trim around window, 5 new Anderson windows in main areas, interior & exterior paint, custom blinds, recirculating hot water pump, security system, water softener, extended length garage with golf cart space & keyless entry system. Outside heater hardwired in & awnings.

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1018 N 25th Street Phoenix, AZ 85008

$575,000

5 Beds

3 Baths

2,287 SqFt

Status Active

MLS # 6665438

Property Type Single Family Residence

Price Type --

Hard to find New Construction Home in 85008. 5 Bedroom 3 Bath with 2 car garage. 10 foot ceilings. Quartz Counters, Shaker Style Cabinets. New Stainless appliances. Could be Flex Home, as room for second kitchen with bonus room in back. Huge walk in shower in Master. Dramatic front Iron Gate Door. Drive way is gated and both side gates match. Back yard is large enough for a pool. Hard to get quality new construction in this area so close to Downtown Phoenix, Freeway access, Roosevelt District, Hospital walking distance. Close to new Valley Wise Hospital Wing just opened. Nice eclectic mix of older homes and newer builds, Beautiful paver walkway and front patio. Extended 2 car garage. NEW NEW NEW, Tired of looking at old homes with deferred maintenance. Zoned R-3 Multi Family

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1560 Vista Drive Wickenburg, AZ 85390

$575,000

3 Beds

3 Baths

1,952 SqFt

Status Active

MLS # 6642660

Property Type Single Family Residence

Price Type --

Great investment opportunity!! This two-story home boasts 1,952 square feet of living space on a sprawling 3.6-acre corner lot, offering privacy and panoramic sunset views. Step inside to discover a warm and inviting atmosphere with a large family room, creating the perfect space for gatherings and relaxation. The well-designed layout features ample natural light, highlighting the beauty of the desert landscape that surrounds your home. The heart of this residence lies in its open concept kitchen, seamlessly flowing into the dining and living areas. Picture yourself preparing meals in the well-appointed kitchen while enjoying the company of family and friends. Sliding glass doors lead to multiple patios, creating an indoor-outdoor living experience that is perfect for entertaining or simply enjoying the tranquility of your expansive backyard. Venture outside to discover a private oasis that includes a sparkling pool, perfect for cooling off during warm Arizona days. The vast 3.6-acre corner lot provides plenty of room for your horses to roam, and there's ample space for RVs and toys, making this property a haven for outdoor enthusiasts.

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6728 Perkins Lane Show Low, AZ 85901

$575,000

3 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6681585

Property Type Single Family Residence

Price Type --

Brand new custom home on a 2+ acre lot. 3 bedrooms, 2 bathrooms with a second story loft. Gourmet kitchen features Quartz countertops, custom steel range hood, butcher block floating shelves and new stainless steel appliances. Electric fireplaces with reclaimed barn wood mantles at family room and master suite. Decorative wood beams. Central cooling and heating. Structural steel roof system with 2x6 wood framed walls. 25 year finish on the walls, roof with a 24 gauge standing seam roof with gutters and 26 steel gauge wall siding. 6inch foam insulated walls. Cascade dual pane windows. 12x25ft loft. 24x40x12 3 walled garage/carport being built. 2 RV dumps to the septic system. Stunning mountain getaway or a perfect mini-farm/ranch. You know what's nice about Showlow, in the summer it's 20 degrees cooler then the valley in the day and at night you can enjoy that cool mountain breeze while on your patio or in your bed. 7 highway miles to Showlow restaurants and shopping. 1/2 mile north to public lands for riding quads or horses. 5 minutes from prestigious Golf Clubs like Torreon Golf Club and Bison Golf Club. Elementary School and Fire Station just blocks away.

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601 S Winthrop Street Gilbert, AZ 85296

$575,000

5 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6757371

Property Type Single Family Residence

Price Type --

Act Fast! This Gem Won't Last - No HOA in Gilbert! Discover this beautifully updated 5-bedroom, 3-bathroom home in a prime Gilbert location. Recent upgrades include fresh interior and exterior paint, a brand-new roof, skylight, HVAC system, pool pump, and garage door opener. The seller is also offering special incentives for carpet and cabinetry - ask for details! This home effortlessly blends style, comfort, and functionality, making it the perfect place to create lasting memories.

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9571 W Fossil Creek Road Strawberry, AZ 85544

$575,000

4 Beds

2 Baths

2,208 SqFt

Status Active

MLS # 6661672

Property Type Single Family Residence

Price Type --

MASSIVE $25K PRICE IMPROVEMENT!! LOOKING FOR A HIGH-COUNTRY PROPERTY THAT WILL FIT THE WHOLE FAMILY, A FEW HORSES AND ROOM TO SPARE? THIS IS IT! THIS SPACIOUS 4 BEDROOM, 2 BATHROOM HOME SITS ON AN ACRE OF AMAZINGNESS. LOCATED IN STRAWBERRY AT AN ELEVATION OF 6000 FT. IN 2020 THE HOME HAD A COMPLETE TOP TO BOTTOM REMODEL INCLUDING A NEW KITCHEN, BATHS, FLOORING, FIXTURES ETC. THIS HOME HAS EASY YEAR-ROUND ACCESS WITH TONS OF FLAT PARKING, A HUGE YARD TO ENTERTAIN, FRONT AND REAR YARD FIREPITS AND SPECTACULAR VIEWS OF THE PONDEROSA FOREST FROM EVERY ANGLE. THIS CABIN COULD BE USED FOR FULL TIME LIVING, A SECOND HOME OR IT HAS A PROVEN TRACK RECORD AS A SUCCESSFUL AIRBNB. THE HORSE FACILITIES ARE SPLIT/FENCED FROM THE MAIN PROPERTY AND INCLUDE MULTIPLE TACK ROOMS AND COVERED HAY STORAGE.

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4335 N Holly Drive Pine, AZ 85544

$575,000

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6674878

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bed, 2 bath, 1508 square foot cabin in lovely Pine, Arizona. Situated on a 15K lot, this property features a wraparound porch, mountain views, an enclosed yard, gorgeous wood vaulted ceilings, and plenty of space to spread out and watch all the wildlife this area boasts. Whether you love hiking or fishing or exploring the charming town of Pine just 100 miles north of Phoenix, this home has everything you need for a weekend getaway or a primary residence.

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11145 E Posada Avenue Mesa, AZ 85212

$575,000

3 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6660177

Property Type Single Family Residence

Price Type --

Beautiful upgrades throughout with oversized lot. Back yard is an entertainers dream with paver walkways and seating area. Patio has roll down screen to enclose the porch. Kitchen cabinets upgraded with nice granite and tasteful colors. Furnished with desireable modern furniture. His & her closets and sinks in master bath. The owner will be taking golf cart, tools, work benches, fire pit out back and storage container out back. buyer to pay $2212.5 capital improvement fee

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