How to Get a Loan When You Are Self-Employed

Jul 23, 2022

Navigating Mortgage Loans as a Self-Employed Individual

Being self-employed comes with its unique set of challenges and rewards, especially when it comes to securing a mortgage loan. While traditional employment makes it fairly straightforward to prove income and employment stability, the self-employed have to navigate a slightly more complex path. But fear not, in Tulsa, OK’s growing real estate market, there are plenty of opportunities for the self-employed to secure financing.

Advantages and Challenges

Advantages:

  1. Flexible Income: Lenders may consider your entire income portfolio, including investments and side gigs.
  2. Business Deductions: You may be able to use business expenses as deductions to offset your income.

Challenges:

  1. Income Verification: Lenders require solid proof of steady income.
  2. Higher Rates: You may face higher interest rates due to perceived risk.

Required Documentation

When you’re self-employed, you’ll need to provide:

  1. Two years of tax returns
  2. Profit and Loss statements
  3. Bank statements
  4. A list of debts and assets

Tips for Success

  1. Improve Your Credit Score: A high credit score can offset the perceived risk of being self-employed.
  2. Lower Your Debt-to-Income Ratio: Paying off debts can improve your loan terms.
  3. Be Prepared to Make a Larger Down Payment: The larger the down payment, the less risk for the lender.

Mortgage Options for Self-Employed Individuals

  1. Conventional Loans: Require thorough documentation but offer favorable terms.
  2. FHA Loans: More forgiving but come with higher mortgage insurance.
  3. Jumbo Loans: For high-value homes but require substantial proof of income and assets.

Seeking Professional Help in Tulsa, OK

When you’re self-employed, navigating the mortgage landscape can be particularly challenging. Seeking help from professionals who understand the unique circumstances can provide invaluable insights.

About Kyle Bradley, Your Mortgage Guide for the Self-Employed

Kyle Bradley | The Bowtie Lender
NMLS #488324
Kyle Bradley Mortgage
100 S. Riverfront Dr. Jenks, OK 74037
C: (918) 855-0494
E: [email protected]
www.kylebradley.com

With over 16 years in the mortgage industry, my expertise encompasses conventional, jumbo, and new construction loans, extending to the unique requirements of self-employed individuals. If you are self-employed and are seeking mortgage options in Tulsa, OK, reach out to me for a seamless, efficient, and personalized experience.

Contact for More Information

For any queries or personalized advice on mortgage options for the self-employed in Tulsa, OK, don’t hesitate to contact me at (918) 855-0494 or via email at [email protected].