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The number of self-employed workers in the U.S. is rising, but showing proof of that income can be a challenge on a mortgage application. The U.S. Bureau of Labor Statistics, or BLS, reported.
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How You Can Get a Self-Employed Mortgage Loan. If you’re self-employed, you probably already know that it may be a little harder for you to get a mortgage loan than for someone who works at a big company. But it’s far from impossible.
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· "The ones that usually have the hardest time qualifying as self-employed are not those who are involved with a corporation," says Ryan Leahy, sales manager at Mortgage Network, a mortgage loan company in Danvers, Mass. "They are the sole proprietor." Difficult, yes. Impossible, no. Steady income: the major stumbling block
How to Play the Mortgage Game if You’re Self-Employed | US. – · The real kicker: Mortgage eligibility is based on net income, meaning all those business deductions actually count against the borrower. "Self-employed borrowers try to write off as many expenses as they can, but that tactic may hurt them when securing a loan," says Patrick Ruffner, vice president of mortgage lending at Guaranteed Rate, an independent mortgage company based in.