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Has anyone qualified for a mortgage based purely on the basis of free agent income? What did it take by way of qualifying proof, and how much did you get approved for and at what rate? I haven’t really tried… just assumed based on the gig economy grapevine that it’s impossible.
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This looks like a good overview. Looks like I was wrong… it isn’t particularly harder to qualify, just more paperwork.
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Replying to @vgr
Oops, yea for that. It was really weird. Overall, this article conforms to my experience. If you have regular self-employment income on the last two tax returns, and you don't have a significant decrease this year, you should be OK. themortgagereports.com/18303/mortgage
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Do you have multiple years of it, or is it more recent? IIRC, I could use LLC tax returns from the last 2 years as proof of income, so long as there wasn't a major dropoff.
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I would check credit unions. At least in Canada, they have different regulations than banks, and can vary by province. Different possibilities regarding financing. Credit unions that are used to dealing with farmers can understand about non-steady income.
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Just been through this process (although in the end it was mostly reliant on my partner). UK-based. I had an advisor who asked for: two years of personal tax returns, salary EOY, then two years of my Ltd company accounts as "backup". They weren't interested in in-progress.
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