About Mortgage Options for Self-Employed People
Self-employed people can qualify for conventional loans; however, the requirements differ from those who are employed. Self-employed individuals may include small-business owners, contractors, and others who use a 1099 form for taxes. Understanding your status as a self-employed borrower and how best to improve your application will increase your odds of securing a loan.
Requirements
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Proof of stable income
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Demonstration of the current and future financial strength of your business
Tips for Self-Employed Borrowers
Separate your business from your personal assets: Ensure all your documentation is in order and provide lenders with a clear understanding of your personal accounts versus your business accounts
Build your credit: Lenders typically look for a credit score of 620 or higher for conventional loans. The higher your score, the lower your risk to lenders
Lower your debt-to-income (DTI) ratio: Similar to raising your credit score, lowering your DTI increases your chances of approval
Maximize your down payment: If you are able to, putting down more than the minimum down payment also helps you get approved
Secure Your Loan With Everest Lending
Ready to buy or refinance? Work with Everest Lending to understand your mortgage options as a self-employed borrower. With over 25 years of home loan experience, our team guides you through the loan selection and application process, helping you secure funding for your new home.
Why Choose Everest Lending?
Wide Range of Loan Options
Personalized Assistance
Competitive Mortgage Rates
Virtual & In-Person Consultations
Service Areas
Trusted Mortgage Solutions Near You
Everest Lending proudly serves clients across Pennsylvania with a full range of mortgage and lending solutions. Whether you’re purchasing a new home, refinancing, or securing funding for a property investment, our trusted team is here to guide you every step of the way. And since we’re local, we can even attend closings in person to ensure everything goes smoothly.