You may have noticed that most self-employed individuals have to struggle a lot more with lenders/credit providers when applying for a home loan. But, it does not mean that all self-employed borrowers have to struggle with getting finance. It just means you might need the services of an expert finance broker on your side, who is a specialist at providing home loans for self-employed persons. Choose a finance broker who is willing to work on your behalf with the lenders/credit providers and who will help you in securing a home loan. Not to mention, he/she should also get you the right home loan that suits your needs and budget.
Why You Need Expert Advice?
Before you think it is impossible for self-employed borrowers to get a home loan, you need to sit down with an expert and professionally qualified finance broker, who will:
>> Establish what taxable income level you need to apply for a home loan
>> Establish your borrowing power (i.e. how much you can borrow), and
>> Determine your eligibility for a home loan
When assessing your eligibility for a home loan, the finance broker should be able to see if your business is maintaining a level of income that is suitable to meet the minimal “servicing” requirements.
Income Verification Requirements for Self-Employed Individuals
To confirm your income and qualify for self-employed home loans, lenders/credit providers will require from you: