You may have noticed that most self-employed people have to fight a lot more with lenders/lenders when applying for a home loan. However, this does not mean that all self-employed borrowers have to struggle to get financing. It just means that you may need the services of a professional financial broker on your side who is a specialist in providing housing loan company for the self-employed. Choose a finance broker who is willing to work on your behalf with lenders/credit providers to help you secure a loan package. Not to mention, it should also get you the right home loan that suits your needs and budget.

Why do you need expert advice?

Before you think that it is impossible to get a home loan for the self-employed, you need to sit down with an expert and a professionally qualified finance broker who:

>> Determine what level of taxable income you need to apply for a loan

>> Determine your borrowing power (ie how much you can borrow) a

>> Find out if you are eligible for a loan

When assessing your eligibility for a home loan, the finance broker should be able to ascertain whether your business maintains a level of income that is suitable to meet the minimum ‘service’ requirements.

Self-Employed Income Verification Requirements

In order to prove your income and qualify for self-employed home loans, lenders/lenders will require you to:

>> Your personal income tax return for the last two years

>> Your income tax return for the last two years a

>> Your financial statements for the last two years (Detailed profit and loss statements and balance sheet)

What if I have been self-employed for less than a year?

Well, it is not impossible to get a home loan with your employment status; it just means that the finance broker will have to work hard to ensure your eligibility for the loan. For example, you are now self-employed as a carpenter subcontractor. However, you were employed in the same industry (i.e. field of work) and worked for someone else for five years before becoming a subcontractor. You can still be considered for a home loan. Because you are still working in the same industry and doing the same job. The only thing that has changed is the payment method.