Obtaining A Mortgage When You're Self-Employed

Obtaining A Mortgage When You're Self-Employed
 by: Steph Medeiros

s intimidating as buying a home is to a traditional employee, to those who are self-employed, it can seem unattainable. However, with the proper knowledge and by following a few extra steps, a qualified self-employed buyer can become a home owner.

According to the United States Department of Labor, approximately 10,507,000 Americans are self-employed, with about 1 million more reporting self-employment as a secondary source of income. With the current economic climate, self-employment has boomed, rising along with corporate down sizing and telecommuting capabilities. While many mortgage lenders are aware of the increase in self-employed loan candidates, they still consider them to be higher risk borrowers.

Some Things You Might Encounter As A Self-Employed Borrower:

* Higher Interest Rates

* Reduced Ability To Negotiate

* Higher Down Payment Requirement

* More Paperwork

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