Purchasing A Home When Self-Employed

Purchasing a home for the first time can seem like a major life event full of unknown requirements and new considerations. It is not always immediately clear what your financing options are when making a home purchase. Many first-time buyers wonder if they even can qualify for a loan, particularly if their income source is not traditional, if they’re self-employed, or if they are considered “gig” workers. The answer is: yes, it is still possible to qualify for a loan!

Those whose income source may not be considered typical might find that they’ll be required to put in more effort than a salaried employee who has a longer history of steady income. However, this shouldn’t deter this group of buyers. Taking the time to get pre-approved for a mortgage will not only give a clear picture of what you can realistically afford but it will also help streamline the home search process and give your broker more tangible parameters to work with as they guide you.

In preparing to get pre-approved, you’ll face your financials head-on, allowing you to get everything in order and gather necessary documents, proof of income, and bank statements that will paint a picture for the lender. A pre-approval is less formal than an approval and is considered mainly an estimate. However, as long as the information that you provide is accurate and thorough, you can typically rely on the provided figure as you embark on your home-purchasing journey.


Like salaried employees who apply for a loan, self-employed buyers should take the usual steps a buyer would when preparing to purchase a home: save a sizable amount for a downpayment (this is especially important when monthly income varies), boost your credit score, attempt to resolve any debt you may have before applying, and keep all financial records in order and up-to-date. Some of these steps and changes will not happen overnight, but be patient and continue to work towards your goal.


At Movement Mortgage, our Asset Qualifier Loan Program was created for self-employed borrowers. We know that there is no one type of homebuyer, and we believe that financing options should evolve to suit a wide range of people looking to purchase property. For more information on our Asset Qualifier Loan Program, reach out to Eleanor Payne and team, and we’ll connect you.

Article courtesy of Movement Mortgage, originally published to Realogics Sotheby’s International Realty’s company blog.