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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Follow these home buying tips if you are a gig worker, self-employed or commission sales

More people than a third of all workers take part in the gig economy and millions more are self-employed. This means likely their income changes from month to month. If you are one of those with an entrepreneur spirit and have variable income, I’ll show you just how you can apply for and get approved for a mortgage.

Value in being variable

If your annual income includes bonuses, commissions, regular overtime, different pay for different shifts, keep in mind all of this income is looked at differently by lenders.

Another thing lenders look at is if the income is ⬆️, ⬇️ or staying the same from month to month.

Secure a mortgage being self-employed

For those who are solopreneurs or self-employed with a staff, lenders will want to look at your net income after business deductions but before income taxes. Your lender will ask for:

💰1-2 years of business and personal income tax returns

💰A year-to-date profit and loss statement

💰3-months’ worth of business statements that support your P&L numbers

Little – or lot – extra on the side

Gig economy. Side hustle. Freelance. Whatever you call it, it’s extra cash you have coming in and can help you when qualifying for a mortgage.

As with any variable income, lenders will want to see two-years’ worth of income history for your qualifying loan amount. The 24-month total will then be used to calculate your average monthly income.

No matter your income source, most loan types recommend a two-year history but sometimes one year could be enough. This may be more complex of a process, but not impossible. Planning now will go a long way into getting you into that dream home.

If you’re part of the gig economy or have variable income, reach out to me to talk about all your mortgage needs and what may be best for you based on your situation. (

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