Self-Employed Mortgage: 3 Key Steps

Self-employed US borrowers can qualify for mortgages by documenting income and business stability; organized records and consistent earnings can strengthen an application.
Depending on the lender and loan program, prepare personal and business tax returns, 12 to 24 mo of bank statements, and financial records.
Lenders typically look for 12 to 24 mo of self-employment history; some may consider less with relevant experience in the same line of work.
Qualifying income can differ from gross revenue or deposits. An accountant can help explain how expenses and depreciation affect lender calculations and prepare records.
Borrowers can explore conventional, government-backed, or nonqualified mortgages. Bank statement loans use statements to verify income, while requirements vary by lender and program.