After many years of very tight underwriting guidelines for self-employed homebuyers, there have been some subtle but very welcome changes to how we can calculate income for these borrowers. Rather than getting into the weeds on the specifics just remember that if you are a self-employed homebuyer, the sooner you talk to your mortgage advisor the better.

When time is on our side, we can help you structure your finances in a way that maximizes your qualifying income for mortgage purchases, which directly correlates to your buying power. Ideally, we would start the preapproval process before you file tax returns for the prior year so you can understand how certain filing strategies impact your qualifying income.

I love helping self-employed entrepreneurs solve the mortgage riddle. If you are self-employed and are feeling a little hesitant to start the process, please contact me! I will help you navigate the guidelines in the most beneficial way that also helps you to achieve your goal of purchasing a home.