Steps To Qualify For a Mortgage When Self-Employed

7134101805_f32bb89296_z-300x198I’m the type of person who likes to plan things way in advance. So, it only makes sense that I am currently thinking about our mortgage for our next home.

As a refresher, we are thinking about buying our next home within the next two years. We don’t think we want to stay in St. Louis, and we are looking at moving possibly to Colorado or Florida. Yes, yes, I know these two states are completely different, but they both have some great advantages of living there.

Getting approved for a mortgage these days is a little bit harder in the past. I remember when we bought our first home, the process was a breeze.

Our loan officer even told us that we were the easiest loan he’s ever done.. I have been told that I will not be that lucky this time around because rules are more strict and because we are now self-employed.

Read further over at Diversified Finances.


  1. says

    We recently bought our first house and in our hunt for the best mortgage, found that credit unions were a good option. Paperwork was a breeze, they were more accommodating because they were smaller, and we got a crazy low mortgage rate because they didn’t go through Fannie or Freddie. It may not work for everyone, but may be worth looking into!
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    • says

      Thanks! We looked into getting our mortgage through a credit union the first time (we belong to a credit union), but the process was actually harder. Which is very surprising because in other areas they are great.

  2. Barrie says

    This is great information for others who work from home and are self-employed. We lived in North Florida and South Georgia for a while and especially in a small Georgia town (which we LOVED) is definitely a different way of life…enjoy your next adventure in life!

  3. Cami says

    I’m self-employed and felt like I was jumping through so many hoops to get a mortgage. They asked me for 4 file boxes full of information. I loved taking it into the bank and watching the loan agent’s face knowing she was going to have to process it all! :)

  4. says

    Now that my fiance got a great new job, all we’ve been talking about it buying a house. We’re worried about qualifying for a mortgage because I’m currently unemployed and he doesn’t have the best credit history. So, we’re hoping that a large down-payment will work in our favour.
    We’re planning to talk to a mortgage adviser soon so that we can find out our credit scores, start getting our ducks in a row, etc. so that we can make this a reality by next summer. *fingers crossed*
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  5. Christina G. says

    I worry about getting a mortgage also because I’m self-employed, and I know the rules are a lot stricter these days. Thanks for sharing!

  6. says

    I’ll be honest, this is something I always wondered was possible. Thank you fro the article, it definitely clears up some questions I’ve had about mortgages and self-employment.

  7. shelleyb says

    House buying is a stressful ordeal. Hoping you’re not over bidding. Selling a home is a stressful ordeal. Hoping you are accepting top dollar. The more preparation the better. I’m not a planner, so bravo for starting 2 years in advance for research and saving, etc.

  8. Tonya Tipton says

    I hope you get your loan to buy your new home. For me I would be scared of Florida because of the bad weather they have sometimes. But if that’s something you can deal with I wish you all the luck.

  9. Stephanie says

    Thanks for the tips. You make some really good points. My husband’s self employed now and I know we were lucky that we had a mortgage before he made the change; otherwise it would have been really hard to qualify.

  10. Peter Jones says

    We bought our second house and did all the transactions through a home
    Loan registered financial provider and it was done in three days.The bigger
    Banks are long winded aggravating and there’s way too much red tape.

  11. says

    Our family is still living in the home my husband bought as a bachelor. Now with two kids and a dog the walls are starting to close in. We have plans to say another 3 or 4 years but after that we have to get out of here! LOL Anyway, thanks for the information and good luck with trying to decide where to relocate too! :o)
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  12. M.Clark says

    This is a great post, thank you for sharing this information. Anyone who is self-employed and looking to qualify for a mortgage will know what to do.


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