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

2820 N 212th Drive Buckeye, AZ 85396

$546,690

3 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6741520

Property Type Single Family Residence

Price Type --

Ready for November move in!

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26349 S 231st Way Queen Creek, AZ 85142

$546,268

4 Beds

3 Baths

2,379 SqFt

Status Active

MLS # 6780156

Property Type Single Family Residence

Price Type --

Don't miss your chance on this Quick Move in Single Story home with a COMPLETED backyard landscape. Anticipated move in for December 2024. This community offers an abundance of amenities including pickleball courts, resort-caliber outdoor pool with plenty of seating and lounging areas, fitness center with multi-use activity room, open air pavilion with fireplace and grilling stations, event and game lawns, shaded play parks, half-court basketball and two dog parks.

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15667 W Mercer Lane Surprise, AZ 85379

$546,053

3 Beds

2 Baths

2,305 SqFt

Status Active

MLS # 6760294

Property Type Single Family Residence

Price Type --

BRAND NEW HOME COMPLETED IN NOVEMBER! Wonderful 3-bedroom home with a flex room & an amazing gourmet kitchen / great room and a 3-car garage! Exceptional island allows for wonderful entertaining. This home has beautiful gourmet slate cabinets, upgraded quartz counters, custom backsplash in the kitchen & stainless-steel appliances. As you enter you have a beautiful foyer that opens up to a flex room. Kitchen & great room are very large & open with a large, covered patio accessed by a 12' slider! Owners' suite has dual vanities, walk in tiled shower, and lots of storage! PHOTOS ARE OF A MODEL HOME OF THE SAME PLAN. SEE PRODUCT SELECTIONS. NOVEMBER COMPLETION.

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1061 N Bison Golf Court Show Low, AZ 85901

New

$546,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6786177

Property Type Single Family Residence

Price Type --

With Amazing colorful views from this extraordinary 3 BR home in prestigious Bison Golf Court on .24 acre, this great find has a spectacular overview of the fairway with green grass and brightly colored trees in the fall and warmer months-watch the golfers or BE ONE all while living in this comfortable elegant home with granite counters, vaulted tongue and groove ceilings and upgraded appliances(just to mention a few).2 car garage with plenty of space for your car and a golf cart if desired, this place is the golfer's dream! This secure, gated and friendly community will provide years of enjoyment and great memories for any age group-all within the Show Low school district. Come make your future mountain memories a reality and experience life lived in the marvelous White Mountains! The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live your dream in this beautiful home on the fairway!

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2849 E Detroit Street Chandler, AZ 85225

Open House

$546,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6708678

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully maintained property with its fresh, neutral color paint scheme. The gourmet kitchen, complete with a walk-in pantry and stylish accent backsplash, offers ample workspace and with a convenient island for meal prep and casual dining. The primary bedroom suite features a spacious walk-in closet and a primary bathroom with double sinks for added convenience. Step outside to the covered patio and enjoy scenic views in the privacy of your fenced-in backyard. This striking dwelling harmoniously blends comfort, aesthetics, and functionality. Welcome to your next chapter - where the good life begins!

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11417 S 50th Avenue Laveen, AZ 85339

$545,995

4 Beds

3 Baths

2,380 SqFt

Status Active

MLS # 6755226

Property Type Single Family Residence

Price Type --

The notable Elderberry plan boasts four bedrooms, including a relaxing primary suite with a spacious walk-in closet and a private bath. At the heart of the home, you'll find an impressive great room, a dining room, and a well-planned kitchen showcasing a center island and a generous walk-in pantry. An upstairs loft and covered patio offer additional versatility. A convenient laundry room is also included. This home will be built with a main-floor bedroom with a full bath

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8326 N 54th Lane Glendale, AZ 85302

$545,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6761610

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' white shaker cabinets with matte black hardware, quartz countertops, 2x8 backsplash, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; ; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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5338 W Manzanita Drive Glendale, AZ 85302

$545,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6762098

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' white shaker cabinets with satin nickel hardware, quartz countertops, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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5323 W Manzanita Drive Glendale, AZ 85302

$545,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6764770

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' white shaker cabinets with matte black hardware, quartz countertops, 2x8 backsplash, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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5347 W Manzanita Drive Glendale, AZ 85302

$545,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6765259

Property Type Single Family Residence

Price Type --

Explore the exciting Alexandrite home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a kitchen layout offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; a spacious great room; a beautiful primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers ceiling fan prewiring in select rooms.

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12007 W Parkway Lane Avondale, AZ 85323

$545,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6741768

Property Type Single Family Residence

Price Type --

Explore this inspired Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a generous great room with center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a large walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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2641 E Abe Truckle Avenue San Tan Valley, AZ 85140

$545,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6774581

Property Type Single Family Residence

Price Type --

''Introducing the stunning Jade floorplan, which offers 2,623 square feet of living space. This Farmhouse elevation home features our Harmony Collection and includes 4 bedrooms, 3.5 baths, a formal dining area, and a spacious 3-car garage. Inside, you'll find a thoughtfully designed layout with 3 front bedrooms, 2 of which share a bathroom, a conveniently located laundry room, and elegant wood plank-style tile flooring throughout the common areas. Upgrades include a soft water rough-in, 42-inch white upper kitchen cabinets, quartz countertops with a backsplash, 2-inch blinds, and essential appliances such as a washer, dryer, and refrigerator. The owner's suite boasts an en-suite bathroom and a generously sized walk-in closet. Entertain effortlessly in the open-concept kitchen, dining area, and great room, highlighted by a 4-panel sliding glass door that leads to a welcoming covered patio. Wales Ranch also offers parks, a beautiful lake, and walking paths with stunning views.

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