A Mortgage for the Self-Employed: Options and Solutions

Self-Employed Mortgage Borrowers Have Options

Securing a mortgage for the self-employed can be challenging. Many don’t realize that being self-employed, a contract worker, or having their own business can affect their eligibility for a mortgage. Yet, for business owners and freelancers, there are mortgage solutions available. They’re designed for self-employed people, even in the most unique situations.

Understanding Self-Employed Mortgages

This type of mortgage is for people who run their own businesses or have irregular income. These mortgages account for the fact that self-employed people often have large write-offs that make their income seem lower than it is. Many lenders offer mortgages for self-employed people. A skilled mortgage broker can help you navigate these options and find the best one for you.

We have mortgage lenders with many different products available for self-employed borrowers. If you have less than 20% down-payment and want to buy a home, you could get approved for an insured mortgage.

If you have 20% or more down-payment or want to refinance your home, you could be eligible for a conventional mortgage. This means that no mortgage insurance is required.

Co-Signing as an Option

If you’re self-employed and struggling to get a mortgage, getting a co-signer is a good option. For instance, if your spouse has regular employment, you can use their stable income as a base. This income can help you qualify for a self-employed mortgage. This can enhance your chances of approval and potentially secure better terms.

Steps to Secure a Self-Employed Mortgage

Getting a mortgage for the self-employed doesn’t have to be daunting. Here are some steps to help you through the process:

  1. Gather Documentation. Lenders need more documentation from self-employed individuals. This can include tax returns, financial statements, and proof of business ownership. Ensuring you’ve got these documents ready can streamline the application process.
  2. Consult with a Mortgage Broker. An experienced mortgage broker is invaluable in finding the right self-employed mortgage. They can connect you with lenders who specialize in these loans. They can also guide you through the application process.
  3. Improve Your Financial Profile. Pay off existing debts. Improve your credit score. Ensure your financial statements are up-to-date. A strong financial profile can improve your chances of securing a mortgage.
  4. Consider a Co-Signer. As mentioned, a co-signer with regular employment can greatly help your mortgage application. This shows lenders that you have a stable income source backing your loan.

Advantages of a Mortgage for the Self-Employed

  • Tailored Solutions. These mortgages are for the self-employed. They consider their unique finances and incomes.
  • Flexible Terms. Many lenders offer flexible terms that can accommodate fluctuating incomes.
  • Access to Resources. A mortgage broker gives you access to many lenders and products. This increases your chances of finding the right mortgage.


Securing a mortgage for the self-employed may seem challenging, but it’s achievable with the right approach and support. You can find a mortgage that fits your finances. To do so, gather the needed documents, ask an experienced broker for advice, and maybe use a co-signer.

Don’t let your employment status deter you from owning your dream home. With tailored self-employed mortgage solutions available, achieving homeownership is within your reach. Contact us today to explore options and secure a mortgage.