Getting a mortgage as a self-employed borrower can be complicated, but it’s not impossible. If you are a self-employed borrower in Pennsylvania, there are things you can do to make your financial situation more attractive to lenders.
Here’s a twist: What if you are a self-employed borrower with losses under your belt? Is getting approved for a mortgage a hopeless cause?
At MortgageDepot, getting approved for a mortgage in Pennsylvania is never a hopeless cause. We don’t always count self-employed losses against a borrower. Let’s examine the following circumstances:
Situation #1: Your self-employed income is a side job.
If you have a non-self-employed job as your primary source of income, MortgageDepot can help you clear a path toward a mortgage. Even if your side hustle is taking some time to get off the ground, you might still be able to reach your real estate goals. Here are a couple of examples:
- If you are a UPS driver with a computer repair service that you run on the side, any losses from your computer repair service won’t count against you when you partner with MortgageDepot.
- If you are a police officer with an off-hours gutter cleaning service, we won’t deduct any losses incurred from your gutter cleaning service from your police officer income.
Situation #2: You are self-employed, but your self-employment income is not your primary source of income.
What if your self-employment is your only job, but not your only source of income? This situation might sound confusing, but it does happen. Check out these examples:
- If you are a retired borrower who runs a consulting firm as a secondary source of income, your retirement income might be considered your primary income.
- If you are a disabled borrower with a dog grooming service, your disability income might be considered your primary income.
In both of these situations, losses from self-employment probably won’t count against you when you are mortgage shopping with MortgageDepot by your side.
If other mortgage brokers have told you that you’re better off renting for life, connect with MortgageDepot to hear the real story!
Contact us today or email us here to learn more.