Free Guide

Your Guide to Buying a Home

Everything you need to know to buy a home without an agent.

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Stable Employment

Consistent and stable employment is crucial when applying for a home loan, as lenders look for assurance that you have a steady income to cover your mortgage payments. Generally, lenders prefer a two-year employment history in the same job or industry (but can be at different companies).

What if I am Self-Employed?

Self-employed individuals can still qualify for loans. The key is to work closely with your lender to determine what you need to provide to them since you do not have W-2s.

You should also interview a lender who keeps the loan in-house and services the loan instead of selling it off as a Mortgage-Backed-Security in the market. Most lenders are “Mortgage Brokers” who acquire the loan and then the loan is packaged with many other loans and sold off in the market. These loans are required to follow the rules set by the government. For Self-Employed individuals, you will want to compare rates and options from both a mortgage broker as well as a an in-house lender such as a local bank.

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