How to Get a Mortgage if You’re Self-Employed in South Carolina

Getting financing when you’re self-employed is trying to say the least. We understand and are here to help you. We get our self-employed clients pre-approved for mortgages daily and we can help you.

In addition to guiding you with all of the documents you’ll need, we also have a variety of alternative income and special programs that can help you get approved.

In fact current lending practices allow us to accept clients that have been self-employed for less than two years and you may ever able to get approved based on your bank statement alone. We say yes when other brokers say no.

Click here to contact us today if this sounds right for you.

Here’s some more tips on getting a mortgage if you’re self-employed:

Make Yourself an Attractive Candidate

If you know you can make the payments, you can do some of the following things to improve your chances of getting a loan.

Max Out Your Credit Score

In any type of borrowing situation, a higher credit score will make you a more attractive candidate to get the loan in the first place and to qualify for lower interest rates if you’re approved.

Offer a Large Down Payment

The higher your equity in the home, the less likely you are to walk away from it in times of financial strain. Therefore, the bank will see you as less of a risk if you put lots of cash into your purchase up front.

Have Significant Cash Reserves

In addition to a large down payment, having plenty of money in an emergency fund shows lenders that even if your business takes a nosedive, you’ll be able to keep making your monthly payments.

Pay Off All Your Consumer Debt

The fewer monthly debt payments you have going into the mortgage process, the easier it will be for you to make your mortgage payments. If you pay off your credit cards and car loans, you may even qualify for a higher loan amount because you’ll have more cash flow.

Have an Established Track Record of Self-Employment

If you can show that you know how to play the self-employment game and win, lenders will be more willing to take a chance on you. Some advice suggests that you should have at least two years of self-employment history; other advice, however, says that when interest rates are low, you should try to get a mortgage as soon as you’re ready, even if you don’t have a long history of successful self-employment.

Be Willing to Provide Documentation

Being willing to fully document your income through previous years’ tax returns, profit and loss statements, balance sheets and the like will increase your chances of qualifying for a loan.