Many would-be home buyers – particularly those who are self-employed – sit on the sidelines for fear they won’t qualify for a mortgage.
But those fears may be unwarranted. Self-employed buyers make up a huge share of today’s home purchases, and lenders are making it easier than ever for them to qualify.
Are you self-employed and looking to buy a home? A few things may help smooth the buying process:
- Choose a bank statement loan, which allows you to qualify based on cash flow, not W-2s or paystubs
- Have at least two years of self-employment income on your tax returns
- Leverage a great credit score or have a significant down payment
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