How Much Mortgage Can You Afford If You’re Self-Employed?
Estimating how much of a mortgage you might qualify for is a relatively easy process with online mortgage affordability calculators. However, these calculators assume one major thing: that you are an employee of a company that provides you a consistent, standard paycheck and a W2 tax form at the end of the year.
Mortgage Loans for 1099 Employees: How to Get a Mortgage When You’re Self-Employed
Traditionally, self-employed individuals — also referred to as 1099 employees — have faced challenges in securing a mortgage loan to finance the purchase of a home or refinance an existing mortgage loan. But now, the increased pervasiveness of self-employment and the gig economy have influenced lenders’ attitudes to make mortgage loans for 1099 employees easier to access.