Definitely, yes! But lenders will have your income verified in order for you to be approved of your mortgage loan. Applying for a self-employed mortgage loan normally follows the same mortgage procedure for someone working for an employer. But because of the housing crisis, expect some changes in the process as well as in the requirements. In order for you to have a solid loan application, lenders require more paperwork as well as additional requirements on your loan application like tax returns, a business license, a letter from your accountant, a balance sheet and profit and loss statement for your business, and so on.

Qualifying for a mortgage loan is not that simple for self employed individuals, but it’s actually doable. Here’s how to how to get a self employed mortgage loan:

1. Verify your credit history and credit score. Before you proceed with the loan application, make sure that your credit record is correct and without inaccuracies. Make sure that your credit score is above average so, you will have a better chance of qualifying for a mortgage. A credit score of over 600 can make you a good candidate of qualifying, but if it’s below 600 try to take a personal loan and pay it off immediately before applying for a home loan.

2. Determine which home you can afford. You can use a mortgage calculator for this. A mortgage calculator allows you to calculate which house can you afford by entering the amount of the mortgage and the interest you’ll be charged. Make sure you enter realistic amounts so that you won’t suffer from paying something that is out of your budget that you will make you end up with foreclosure.

3. Prepare at least 20% of the cost of the house that you’d like to buy as down payment. In most cases, lenders will require a certain amount, so this means that you have to prepare a sizable amount as down payment to apply for a mortgage loan.

4. Find a No Doc or Stated Income mortgage designed for the self-employed and contractors.All they have to do is state their actual income without being able to provide a lot of documents.

5. After organizing all your records and documents, contact a loan officer or mortgage underwriter to begin the loan application process. You have unlimited resource when it comes to different mortgage companies. Search online for different companies that offer self-employed mortgage loans so you can compare rates.

Getting a mortgage for your home may not be easy these days, but it’s doable in today’s housing market conditions. In order to be qualified for a loan, check your credit report and credit score becaue this shows your history of repaying debt, equity in the home, and the amounts of your assets and liabilities.

Want to buy Homes in Woodlands Texas for Sale but you’re self-employed? Speak directly with your lenders to determine the best option for your Oshkosh Wisconsin Homes For Sale to help you clarify matters on loan amounts, mortgage qualification, and affordability.