In light of Covid-19, San Jose mortgage rates are at an all-time low. 

For many people, this is a great time to purchase a house. If you have been considering buying for a while and your income is stable, now may be the best time to take the homeownership plunge. 

Self-employed individuals sometimes worry about the process of getting a good mortgage rate and purchasing a home. 

However, when you work with a good lender, you can still get a great mortgage rate even if you’re self employed! 

If you work for yourself, you may be wondering, “How difficult is this process?” and “What steps will I need to take?”

These are great questions and Golden Eagle Mortgage is here to help you every step of the way.

How Difficult Is It To Get A Mortgage If I’m Self Employed?

Depending on where you live, being self employed could mean there will be a few more steps involved in acquiring a good mortgage rate.

However, a good lender can break down the process and make the whole thing nearly painless. 

An experienced loan officer will :

  • Take the time to hear your needs
  • Understand your unique financial and business situation
  • Work with you to find a mortgage rate that you can afford
  • And help direct you through the entire process. 

Getting a great mortgage rate is possible for you, especially now that our country has the lowest mortgage rates to date!

What Documents Will I Need?

To acquire a mortgage, all applicants need to have certain documents, no matter their job type. 

To save time, it is best to be well organized and get your paperwork together in advance. Those who are self-employed may often need a few extra documents.

Here are some common things that you will need to apply for a mortgage when you are self-employed:

  1. Profit and loss statements for the year
  2. An up to date balance sheet
  3. Your personal tax return from the last two years
  4. Your business’s tax return for the last two years
  5. A letter showing your business is still running from your accountant
  6. At least two months’ worth of bank statements from your account
  7. At least two months’ worth of bank statements from your business account

These are the typical documents needed for a self-employed person to get a mortgage. 

If you have additional questions or concerns, we at Golden Eagle Mortgage would love to chat with you about your unique business so we can find out how to get you your home loan at a great rate in 2020. 

Contact Golden Eagle Mortgage today!