Getting a Mortgage as a Self-Employed Individual: Is It Possible After Just 1 Year?

Are you a self-employed individual working for only one year and looking to purchase a home? Many people in this situation are concerned that they don’t have the necessary two years of employment history required by many lenders when seeking a mortgage. The good news is that it is still possible to qualify as a self-employed person with only one year on the job—but there are some important factors to keep in mind. In this blog post, we’ll discuss how you can get a mortgage while being self-employed for one year and break down what lenders look for when considering an applicant’s financial standing during their first 12 months.

Can You Get a Morgage While Being Self-Employed For Only a Year?

Getting a mortgage as a self-employed person for just one year is possible, but it can be harder than if you have been self-employed for longer. Lenders usually prefer borrowers with a steady income and employment history, and self-employed people are generally seen as riskier than those in traditional employment.
If you’re self-employed and have only one year of track record, you may have to provide more documents to prove your financial stability and income to qualify for a mortgage. These documents may include tax returns, bank statements, and other financial records. Additionally, you might need to meet stricter requirements, such as having a good credit score and making a larger down payment than those with regular employment.

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