If you’re self-employed and applying for a home loan, you may have heard that it is next to impossible to secure one. But fear not, the idea that self-employed people aren’t eligible for home loans is a common misconception.
The U.S. Bureau of Labor Statistics estimates that roughly 14 million people in the United States are self-employed. These people, like you, are hardworking individuals who need to buy homes and cars and secure lines of credit. The truth is, you’re as apt to get a mortgage as a traditional W2 employee. The second truth is, since you can’t produce the same documentation as “traditional employees,” you may have to provide a little more documentation to secure the same loan. Read more