Self-Employed and Home Loan Applications: Your Personal Finances Explained

March 7, 2013 at 5:12 pm Finance

Are you self-employed? Working as a freelancer or on an contract basis? Or part of the informal economic sector? Melissa Cohn, a mortgage industry expert in New York City, explains how unique employment situations can affect your application for a home loan.  Watch this video for a practical advice and strategies that will help you get approved for a home loan no matter your employment status.

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  1. Most lenders consider self-employed borrowers a higher risk, however it is possible to offset that risk with a high credit score. A score above 740, for example, can greatly enhance a self-employed applicant’s chances for approval.

  2. Choosing a home loan is traditionally an important and complex decision to make. I suggest you contact a lender in your area so they can review your current situation and determine what is best.

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