Freelancing is a great way to build up income, make a business from your own skills, and work in a way that suits your schedule and needs. One of the most exciting parts of the process is when you do well enough that you can think about relying on your freelance income for major life changes, such as buying a house. However, freelancers often have trouble securing a mortgage. We offer a look at some resources you’ll need to navigate this process.

Looking for an ally in your hunt for the perfect home? Contact real estate expert Brigette Modglin today!  

Pros You’ll Need

Here are a few people you’ll want on your team:

●      Your loan officer will be your main point of contact with the bank throughout the mortgage process.

●      A financial professional can help you assess your finances and come up with a savings game plan.

●      A real estate agent is invaluable in any house hunt, and can help you assess the strength any given loan will lend to your offers.

Requirements

Getting a loan is often a bit trickier for self-employed people:

●      Start by looking over the basic documentation everyone needs to apply for a loan.

●      You’ll also need to prove that you have two or more years of steady - or better yet, increasing - income.

●      Finally, you’ll probably need a larger down payment than traditional employees will.

Getting There

Not quite in a position to qualify for a loan yet? Here are some tips to get you there:

●      Learn how to build up your freelance business in order to make more money.

●      If you need to increase income consistency, work on developing some longer-term contracts.

●      Down payment not quite where you need it to be? Here are some saving tips.

At the end of the day, you need to figure out how to prove to your lender that you’re a trustworthy and reliable borrower. Freelancers are always a riskier bet, so steady income and a hefty down payment can go a long way toward reducing that risk. We hope these resources help make this process easier, less stressful, and more productive so you can buy the home of your dreams!