Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

How can a self-employed person qualify for a mortgage loan?

Also can rental income be used? I get income from lots of different sources to make ends meet including money from family but it's not like I have paystubs to prove it.


What about if I show like 2 years of my bank statments that show steady deposits??

4 Answers

  • 1 decade ago
    Favourite answer

    Yes, rental income can be considered to get qualified for a loan but the bottom line is that a self employed person will need to show 2 years of tax returns to prove your income. Steady deposits in a bank account isn't going to cut it unless you show a source of where the money is coming from. I am a self employed Realtor and when i started out I made next to nothing. I bought my first house during this time by getting my parents to cosign the loan for me and then after i started making some real (documented) money I refinanced solely in my name. I suggest you do the same.

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  • It is nearly impossible to find a loan with undocumented income. It was very common for people to get loans a couple years ago with stated income and assets. This is why we are in a mortgage meltdown now.

    If you want to get a loan, look at properties where the owner will carry the financing. You will need between 20%-40% down but you won't have to jump thru all of the mortgage hoops.

    Your other choice is to start claiming your income on your taxes but you will probably have to show a stable income for at least two years.

    Very hard for those of us who are self-employed because we don't show alot of income. I ran into that myself and bought a home that the owner financed for me. Talk to your local Realtor as they will know what owners are offering to carry the paper on their properties.

    Source(s): CA Licensed Realtor
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  • 1 decade ago

    You need a source to get the loan approved. The source which you have is the only way to show you are a trustworthy person and you can repay the loan amount. So, get a source first. There are so many source you can arrange. Consult with the bank, they will give you ample suggestions.

    You can get teh same help online at

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  • Anonymous
    1 decade ago

    You need the past several years of your tax returns to prove you are able to pay. Deposits into a bank account won't help you.

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