How do Lenders Give the Self-Employed a Mortgage?

Getting a self-employed mortgage loan can seem like a difficult task at first. Many self-employed people have trouble finding a lender that will give them a mortgage because of their non-traditional paycheck. Self-employed people get to realize many benefits that employees never do. However, when it comes to getting a mortgage employees tend to have the advantage. With that being said, it is not impossible to get a mortgage as a self-employed person. Here are a few things that could help you get a mortgage as a self-employed person.

Stated Income Loan

One of the most common ways for a self-employed person to get a mortgage is through the use of a stated income loan. A stated income loan does not require any form of verification for your income. This way, you can tell the bank that you make a certain amount of money and they have to believe you. Even if your income is sporadic like it is for many self-employed people, the bank will not worry about it with this type of loan.

Large Down Payment


Coming up with a larger down payment can be a great way to get approved for a mortgage when you are self-employed. When you have more at stake in the mortgage, they tend to feel a lot more comfortable with the loan. 

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