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

16367 W Desert Mirage Drive Surprise, AZ 85388

$549,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6710581

Property Type Single Family Residence

Price Type --

MOVE-IN BEFORE THE HOLIDAYS! Multi slide door off the great room. Pavers at drive, walk and entry, Large walk in shower at owner's bath. Stainless steel gas appliance package with a 30'' cooktop and wall oven. Sonoma maple ''Slate-grayish'' cabinets with 42'' uppers in kitchen with pullout trash drawer. Himalaya white granite countertops in kitchen, most bathrooms. Stainless steel undermount single bowl sink in kitchen with a 4x16 backsplash. Upgrade flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except bedrooms and closets. Additional recessed can lights and ceiling fan prewires. 8' tall garage door with openers and so much more. BELOW MARKET INTEREST RATE SPECIALS AVAILABLE! INCLUDED MOVE-IN READY PACKAGES AVAILABLE! Please verify all information with onsite agent . Thank you!

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6543 E Norwood Street Mesa, AZ 85215

$549,990

3 Beds

2 Baths

1,762 SqFt

Status Active

MLS # 6781757

Property Type Single Family Residence

Price Type --

THIS HOME IS COMPLETELY TURN KEY, LOCATED IN EAST MESA & NO HOA! 3 Bedroom 2 Bath, single story with updates galore on the 9th hole of Camelot Golf Course! Enter & find wood laminate throughout the main spaces plus a picturesque view from the living & dining rooms. Kitchen features quartz countertops, beautiful marble backsplash, stainless appliances, updated cabinets, breakfast bar & nook. Cozy up by the fireplace in the family room right off the kitchen. Both bathrooms have been fully updated with new flooring, vanities & tile surrounds. Head out back to find a private entertaining space with covered patio, grass area & golf course! Minutes away from the 202 that will take you west to shopping, ASU & airport. Scenic Red Mountain with hiking/biking trails just minutes away!

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14167 W Alameda Road Surprise, AZ 85387

$549,990

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6746380

Property Type Single Family Residence

Price Type --

MLS#6746380. December Completion. The 50RM1 floorplan at Raveena at Rancho Mercado offers a beautifully designed single-story layout with 3 bedrooms, a versatile flex room, 2.5 bathrooms, and a 3-car garage, all within 2,226 square feet. Step into the foyer and experience the open-concept design that seamlessly connects the spacious gathering room, dining area, and gourmet kitchen, complete with double ovens, a 30-inch gas cooktop, and 42-inch cabinets. The outdoor living area is perfect for al fresco dining and family gatherings. The private owner's suite features dual vanities and an expansive walk-in closet. The flexible room provides an ideal space Structural options include: extended covered patio, paver front porch and driveway, alternate AC location with gate, soft water loop, and 30 gas cooktop w single oven.

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17313 W Wandering Creek Road Goodyear, AZ 85338

Open House

$549,990

5 Beds

4 Baths

2,801 SqFt

Status Active

MLS # 6734346

Property Type Single Family Residence

Price Type --

This beautiful home is nestled in the heart of the Estrella Mountains with a spacious primary bedroom with full bath downstairs, beautifully enhanced gourmet kitchen, Bianco antico granite, dark expresso cabinets, natural wood look tile, kitchen backsplash, 8 ft doors. Host your next dinner party in the open dining and great room then transition to the covered back patio for dessert and a nightcap. This home can close in 30 days! Located within the Estrella masterplan with 2 state-of-the-art Residents Clubs including fitness centers and pools, Starsplash Water Park, and a community lake with activities including boat rentals.

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21157 N 259th Avenue Buckeye, AZ 85396

$549,950

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6748517

Property Type Single Family Residence

Price Type --

Here is an Extraordinary home that has been meticulously cared for by the original owner. The backyard is perfect with a beautiful pool and water feature, firepit, covered area and a partially enclosed patio with a fireplace. This 3 bedroom, 2 bath home has a den/office/sitting room between the two secondary bedrooms. Also has a soft water system, reverse osmosis and a tankless hot water heater. There were a huge amount of upgrades put into the home when it was built and many more after purchase. You can be in this home before Thanksgiving and have the enjoyment of entertaining and have a view of the mountains!

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16089 W Electra Lane Surprise, AZ 85387

$549,950

3 Beds

3 Baths

2,354 SqFt

Status Active

MLS # 6757844

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING CONCESSIONS W/ A SUCCESSFUL COE BEFORE 12/31/2024 ON this Luxuriously Upgraded Fulton home, built 2021. Spectacular spacious Open Floor Plan w/ 3 Bdrms + Den/Movie Rm(or convert to a 4th bed), & 3 Bths located on N/S facing Home Site. 4 Car garage w/ built in storage! Upgraded Kitchen Cabinets, Quartz Counters w/ Tile Back Splash & pendant lighting. Double oven, gas cook-top, stainless hood vent, walk-in Pantry, LVP Wood flooring. 96'' doors, Upgraded Accent walls, Coffered ceiling in Primary Bed, Big Spa Shower double heads in Primary Bthrm. Large Laundry w/ cabs + Lndry Sink. Beautiful fixtures throughout. Atrium like Slider leads to Xtnd Covered Patio w/custom 16K upgraded auto screens! 55K backyard includes pad 4 Ramada & one 4 spa. Water softener, Hot H2O on deman Escalante master planned community is nestled in the thriving Surprise area, conveniently located near new shopping centers, the Loop 303 freeway, and US 60. Embrace the Escalante lifestyle, complete with exceptional community amenities like an enormous neighborhood aquatic center, pickleball courts, bocce ball, frisbee golf, winding walking trails, thrilling zip lines for children, and vast open spaces.

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2429 E Alameda Drive Tempe, AZ 85282

$549,950

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6769559

Property Type Single Family Residence

Price Type --

Amazing remodel, this home is like new! Let's start with the new paint and landscaping that greets you. All new doors, windows, garage door, and air conditioning. You'll love the wood look tile floor, modern interior colors and oversized baseboard. Bathrooms are completely new and gorgeous. Then feast your eyes on the chef's kitchen that includes a pantry closet, new stainless appliances, sparkle quartz countertop along with modern pendant lighting. It has a split floorplan along with a large indoor laundry area and extended 2 car garage. Alley access is available with a large RV gate. The house comes with 6 security cameras already installed. It's situated in a quiet cul-de-sac with friendly neighbors. Owner/agent

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3021 N Randolph Road Phoenix, AZ 85014

$549,950

3 Beds

2 Baths

1,620 SqFt

Status Active Under Contract

MLS # 6679115

Property Type Single Family Residence

Price Type --

Motivated seller. Low maintenance yard front and back. All new electrical wiring, relocated electrical panel and 2 AC units. Tankless gas water heater. Modernized with addition of a permitted split master bedroom with bathroom and large closet. LED lighting throughout. Beat the heat with your own private pool. Many hospitals in the area could be a good STR or medium term rental to serve people needing that service. Great access to Highways and to downtown Phoenix. NO HOA

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19806 W San Miguel Avenue Litchfield Park, AZ 85340

$549,913

4 Beds

2 Baths

1,862 SqFt

Status Active

MLS # 6730962

Property Type Single Family Residence

Price Type --

Wow! Better than new and available today with Amazing mountain views! This home is placed on a 70' wide lot and offers an RV gate for your toys. Resort backyard with heated spa under beautiful pergola, pavers and more. As you enter this highly upgraded single level with upgraded elevation of stone and gated front seating area, you will notice over sized 24X12 tile floors, large open kitchen with island open to the great room, walk in pantry, built in microwave and more. Large master bedroom has two walk in closets, separate shower and tub and double sinks. Don't forget to notice the flex teen space or office area. North South exposure and washer, dryer, refrigerator and spa convey with sale. To show is to sell!

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175 N Holly Road Globe, AZ 85501

$549,900

4 Beds

2.5 Baths

2,177 SqFt

Status Active

MLS # 6737307

Property Type Single Family Residence

Price Type --

This is a new home!! This spacious home is newly constructed home by one of Globe's premier builder. This home is a definite must see!! There are 4 large bedrooms and 2.5 bathrooms. The master bedroom is on the main level and has separate soaking tub and walk-in shower, a great walk-in closet and custom cabinetry. Also on the main level, you'll love the open concept with a great kitchen with plenty of counter space, soft close cabinets, and quartz countertops. The kitchen opens up into the dining room and living area that is perfect for entertaining. There is also a 1/2 bath downstairs. Upstairs you'll find 3 more bedrooms, all good sized, and another full bathroom.

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20761 W Hillcrest Boulevard Buckeye, AZ 85396

$549,900

2 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6752894

Property Type Single Family Residence

Price Type --

This FANTASTIC home, backing to a naturally landscaped common area and walking path, in Victory at Verrado is full of UPGRADES! BEAUTIFUL wood look tile flooring + 2023 carpet in bedrooms! CUSTOM up/down window shades + solid wood doors throughout! GOURMET kitchen w/stainless appliances, gas cooktop, wall ovens, granite counters, subway tile backsplash, island w/breakfast bar + pantry! Great room w/surround sound! Primary bedroom w/ensuite bath + large tiled walk-in shower w/bench! Separate office/den w/French doors! Step outside to your backyard OASIS w/extended covered patio w/privacy shade + trellis patio w/travertine pavers and GORGEOUS views! This is an EXTRAORDINARY LUXURY community w/breathtaking mountain views w/miles of hiking/biking trails! Amenities: pools, golf, spa, Main Street shopping/restaurants, clubs/activities + MORE! WELCOME HOME!

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41758 W Cribbage Road Maricopa, AZ 85138

$549,900

3 Beds

2.5 Baths

2,485 SqFt

Status Active

MLS # 6756759

Property Type Single Family Residence

Price Type --

Gorgeous, fully furnished home on the greenbelt in the Award Winning Active Adult Community of Province! This modern, great room floor plan with three full bedrooms plus den and two and a half baths is move in ready! Multi-sliding glass door out to your extended travertine patio with wonderful space for entertaining with a completely fenced yard and hot tub! 10' ceilings throughout with walk in closets in every bedroom. The kitchen is spectacular with white cabinetry, granite countertops, stainless steel appliances with double ovens, gas cooktop and tons of cabinets for storage. The owner's suite has a bay window and a magnificent bathroom with a huge walk in shower and his and her vanities. The laundry room also has lots of built in cabinetry for more storage. Welcome Home!

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