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Self-Employed Mortgage Programs

Mortgage Programs for Self-Employed & Business Owners

When you are self-employed or a business owner and you want to buy a home, you fill out the same application as everyone else. The same factors are considered: your credit score, how much debt you have, your assets and your income. So what’s different? When you work for someone else, lenders go to your employer to verify the amount and history of that income, and how likely it is you’ll keep earning it.

 

What Are We Looking For?

You can expect Fidelity Home Group to request proof of the following things before considering you for a mortgage:

  • Income stability
  • The location and nature of your self-employment
  • The financial strength of your business
  • The ability of your business to generate sufficient income in the future


What Documents Do You Need To Provide?

To start, you’ll need a history of uninterrupted self-employment income, usually for at least two years. Here’s some examples of documents we might ask for:

 

Employment Verification

Self-Employment verification is proof that you’re self-employed. It could include emails or letters from the following:

  • A licensed certified personal accountant (CPA)
  • A professional organization that can attest to your membership
  • Any state or business license that you hold
  • Registered Business with Secretary of State
  • A Doing Business As (DBA)

Income Documentation

Have proof of steady, reliable income and you’re one step closer to getting approved for a mortgage. Note that even if you make consistent money now, your past income will also influence your ability to get a loan.

We may ask for the following:

  • Profit and loss forms, which could include a Schedule C, Form 1120S or K-1, depending on your business structure

What happens if you’ve been self-employed for less than two years?

Great question. Ultimately, your business must be active for a minimum of 24 consecutive months and your most recent two years of employment (including non-self employment) must be verified. In this situation, we will likely do an in-depth look at your training and education to determine whether your business can continue a track record of stability.

   


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