There’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.
Putting More Money Down
20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will more strongly signify to lenders that you’re prepared for home ownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.
Minimizing Your Debt
The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.
A History Of Self-Employment
Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.
The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership.
If you have further questions, I’m self-employed and have some tips and tricks to share. Give me a call – J.P. Cook – 602-320-4253.
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6081 W Estancia Way
Florence, AZ 85132
$499,000
4
Beds
2.5
Baths
3,737
SqFt
Status
Active
MLS #
6636271
Property Type
Single Family Residence
Price Type
--
This home has many features you have never seen at this price point. There is an elevator from the living room to the loft for those who struggle with stairs. Yard has a gorgeous heat pump heated pool, patio with custom finishes, lots of LED lighting. A true place to relax and unwind. The house itself has all hard flooring. Fabulous kitchen with SS appliances, gas cook top, granite, island, pot rack. Great room plus formal living room/dining room. Den on 1st floor. Huge laundry room. Lots of storage. Beautiful loft area. All bedrooms have walk-in closets and master has an attached bath and 2 huge walk-in closets. 3 car garage has a mini-split and very upgraded electrical. And all in the resort community of Anthem at Merrill Ranch. Amenities galore.
5104 N 32nd Street
Phoenix, AZ 85018
$499,000
2
Beds
2
Baths
1,277
SqFt
Status
Active
MLS #
6639426
Property Type
Apartment
Price Type
--
Stunning fully remodeled condo in the heart of the Biltmore Corridor. Light & bright two bedroom/two bath north facing single-level split floor plan condo in the much sought after Meridian Condominiums, a part of the Arizona Biltmore Estates Village. Turn-key & move-in ready as a winter getaway or a full time residence. The gated community provides elevator access, underground garage reserved parking, a year-round heated resort-style pool, jacuzzi spa, gas BBQ grills, fitness room, sauna/locker rooms & plenty of green space. Walk thru private security gate to access adjacent restaurants and shopping.
3199 N Desert Horizons Lane
Casa Grande, AZ 85122
$499,000
5
Beds
3
Baths
3,554
SqFt
Status
Active
MLS #
6646010
Property Type
Single Family Residence
Price Type
--
Villago near the Lake, Discover this exquisite 5+ bed, 3-bath residence boasting a 2-car garage, extended driveway, and elegant brick veneers. The living room showcases high ceilings, a neutral palette, and sleek tile flooring. The family room provides a cozy setting for intimate moments. The formal dining room is perfect for hosting dinner parties. The kitchen comes with granite counters, cabinets with crown molding, SS appliances, recessed lighting, a walk-in pantry, a center island, and peninsula with a breakfast bar. The loft is ideal for a media room Master bedroom offers vaulted ceilings, plush carpeting, and an ensuite with dual sinks and a walk-in closet. The backyard is complete with a covered patio, low-maintenance turf, and a refreshing private pool. High speed for your office.
980 W Santa Fe Drive
Wickenburg, AZ 85390
$499,000
3
Beds
2
Baths
2,056
SqFt
Status
Active
MLS #
6651275
Property Type
Single Family Residence
Price Type
--
WHOA no HOA! Invest today & ENJOY THIS SPACIOUS HOUSE ON A HILL w/ VIEWS of the Beautiful Bradshaw/Weaver Mountains*BACK COVERED PATIO provides shade for enjoyable afternoons. GAS bib for GRILL! Natural Light pours into the Bathrooms & almost every room from TUBULAR SKYLIGHTS! Several Mature Trees * RV Gate to the Large Fenced Backyard * Spacious 2,056 SF home on a quiet street * Large Foyer*Formal Living Room* Large Open Kitchen w Island *Custom Oak Cabinets * Cultured Marble Windowsills & Niches * Corner Sink w Outdoor Views * Breakfast Nook w/ Views to the North & East * Nice LG Refrigerator/Freezer * Cozy Gas Fireplace nestled in the Family Room*LARGE WALK IN CLOSETS*PRIMARY ENSUITE*TONS OF STORAGE SPACE* Full wall of Built-in Cabinets, UTILITY SINK & Work & Tool Station in Garage!
15550 S 5th Avenue
Phoenix, AZ 85045
$499,000
2
Beds
2
Baths
1,640
SqFt
Status
Active
MLS #
6653163
Property Type
Apartment
Price Type
--
Unique ground floor unit. Freshly painted cabinets, doors, trim and walls. 12 ft ceilings, 8 ft doors, stainless steel appliances, kitchen island, wine cooler, granite countertops in kitchen and baths, separate tub/shower. Additional storage room next to bath 2. Master Suite has walk in closet and dual vanities, tiled shower and large tub. New AC System 2021. Refrigerator 2019. Microwave 2018. Wine Cooler 2017
42616 W Kingfisher Drive
Maricopa, AZ 85138
$499,000
4
Beds
3
Baths
1,821
SqFt
Status
Active
MLS #
6654188
Property Type
Single Family Residence
Price Type
--
Unique Guest Casita (Unattached) and an Ideal Backyard that is Adjacent to Green Space. Province Amenities are Outstanding. Nearly $30,000 in recent upgrades (see document in tabs). This incredible 4 bed, 3 bath home now available! Discover a desirable open layout adorned w/tall ceilings, neutral paint, plantation shutters, tile flooring, & a warm fireplace. The kitchen is a homeowner's dream, fully equipped w/granite counters & backsplash, wood cabinets, an island w/a breakfast bar, & a breakfast nook w/a bay window. Retreat to the main suite, offering plush carpet, an ensuite w/dual sinks, walk-in closet, & private outdoor access. The backyard promises a tranquil spot for relaxation & year-round entertainment, w/a refreshing pool & a covered patio
15958 W Shangri La Road
Surprise, AZ 85379
$499,000
4
Beds
3
Baths
3,077
SqFt
Status
Active
MLS #
6654011
Property Type
Single Family Residence
Price Type
--
This charming property offers comfort and practicality, featuring granite counters, oversize dark maple cabinets, 20' tile flooring, upgraded carpet, and stainless-steel appliances. The kitchen, overlooking the family room, creates a warm atmosphere for gatherings. A separate dining area and a generous living room provide ample space for everyday living. The master bedroom, complete with a sitting room and balcony, it's the perfect comfortable retreat. The backyard offers a refreshing pool, great for relaxation and outdoor enjoyment. Conveniently located close to schools, shopping, entertainment, and restaurants, this home provides accessibility without compromising comfort. Don't miss the opportunity to make this welcoming property your home sweet home
13119 W Avenida Del Rey --
Peoria, AZ 85383
$499,000
4
Beds
2.5
Baths
2,257
SqFt
Status
Active
MLS #
6653977
Property Type
Single Family Residence
Price Type
--
Great short sale opertunity. This fantastic 4 bed, 2.5 bath residence now for sale in Peoria is the one for you! Featuring a stunning façade w/stone accents, easy-care landscape, and a 3 car tandem garage! Inside you will find a spacious open floor plan w/elegant wood-look flooring, tasteful wall accents, and designer palette throughout. The kitchen is comprised of ample cabinet & counter space w/built-in appliances, a walk-in pantry, recessed lighting, stylish backsplash, and an island complete w/a breakfast bar. Enjoy a good night's sleep in the primary bedroom, a private ensuite w/dual sinks, and 2 walk-in closets . Don't forget about the cozy open den, perfect for an office. Finally, the lovely backyard includes a covered patio, paver seating area w/a lovely pergola, and artificial
16202 S 17th Drive
Phoenix, AZ 85045
$499,000
3
Beds
2.5
Baths
2,178
SqFt
Status
Active
MLS #
6654992
Property Type
Single Family Residence
Price Type
--
Incredible 3 bed 2.5 bath residence with mountain views ready for new owners! Immaculate home boasts a new roof in 2020 & new HVAC in 2023! Step inside to high ceilings & welcoming living room open to a spotless kitchen featuring stainless steel appliances, granite counters, a cool copper sink & an island great for gatherings. Spacious loft upstairs, ideal for home office, playroom, arts & crafts, you name it! Double door entry to oversized main bedroom with sitting area, designer paint, 12-ft walk-in closet & private bath with dual sinks. Two more large bedrooms & bath upstairs for family & guests. Tranquil backyard is one of the largest in the area with easy care turf and swaying shade trees. Top rated Kyrene schools, a playground just steps away & mountain trails await!
2323 N Central Avenue
Phoenix, AZ 85004
$499,000
2
Beds
2
Baths
1,398
SqFt
Status
Active
MLS #
6665758
Property Type
Apartment
Price Type
--
Experience elevated urban living in this 2 bed, 2 bath condo on the 19th floor of Regency on Central, a historic mid-century luxury high-rise located steps from the light rail, dining, retail, and entertainment in the heart of vibrant Phoenix. Freshly painted interiors with stained wood trim and plush new carpets in bedrooms create a serene retreat. Enjoy a modern kitchen with granite counters and stainless steel appliances. Revel in the breathtaking skyline views from your private balcony. Building amenities include a heated pool, spa, fitness center, 24/7 door personnel, and more.
4923 E Palm Lane
Phoenix, AZ 85008
$499,000
4
Beds
2
Baths
1,813
SqFt
Status
Active
MLS #
6664829
Property Type
Single Family Residence
Price Type
--
This is the home you've been dreaming of! Nestled in the highly desirable area near Arcadia & Arcadia Lite, this gem spans 1,813 square feet, offering four bedrooms and two bathrooms for comfortable living and convenience. As you step inside, the open floor plan welcomes you with natural light streaming through the large front window, creating a warm and inviting atmosphere. The heart of this home is its beautifully remodeled kitchen, featuring a large island that overlooks the living room, perfect for entertaining and family gatherings. Every detail has been carefully considered, with a split floor plan that underwent a complete renovation, including the addition of a brand-new primary suite boasting a spacious walk-in closet and spa like bathroom. Embrace the incredible Arizona weather and abundant sunshine by taking advantage of the solar panels installed on the property, offering potential energy savings year-round. Nestled in the non-HOA community of Orangedale Manor, this home provides easy access to a wealth of amenities and attractions, including Papago Park, the Phoenix Zoo, ASU, Tempe Marketplace, and Desert Botanical Gardens. With convenient freeway access and close proximity to Phoenix Sky Harbor and Old Town Scottsdale, this modern oasis seamlessly blends luxury, convenience, and lifestyle. Don't miss out on the opportunity to call this move-in-ready masterpiece your own!
4686 E Mia Court
Gilbert, AZ 85298
$499,000
2
Beds
2
Baths
1,537
SqFt
Status
Active
MLS #
6664275
Property Type
Single Family Residence
Price Type
--
FANTASTIC POOL!! This home sits on a choice corner N/S lot in a cul-de-sac. The model is an Azalea. Very Popular. This is a very active 55+ community of Trilogy At Power Ranch. Gorgeous clubhouse, fitness center, lap and play pools. Tennis, pickleball, Bocce, public golf course with restaurant. Very nice, mature, desert landscaping, fruit trees and relaxing pool features. 2 bed/2bath. Large primary bedroom. THIS HOME IS A MUST SEE!!!
