Self-Employed Mortgage
in Fort Lauderdale

Self-Employed Mortgage in Fort Lauderdale Offered by Florida Local Mortgage Lenders

Owning a home is a goal many people want to achieve. Regardless of whether they are employed by the government or run their own start-up, people work hard to make their home a reality. Unfortunately, many don’t have the financial assets to make that happen. This is when specially designed loan programs and mortgages offer a solution.

Among these borrowers are those who are self-employed. Unlike for non-self-employed borrowers, it can be hard for people to get approved for a mortgage when they are self-employed. There are many reasons for this, including fluctuating income, income reflected on tax returns, and write-offs. In addition to that, there are other requirements that a self-employed borrower needs to fulfill for a successful application process.

We here at Florida State Mortgage Group are one of the leading mortgage lenders in Fort Lauderdale. Over our years of helping clients fulfill their dream of owning a home, we have gained sufficient expertise in providing a self-employed mortgage.

We focus on each client, making sure they find an appropriate solution to their financing needs. We try to find self-employed mortgage solutions with low rates and increased income consideration.

You can talk to one of our loan officers to find out your options for getting qualified to receive a self-employed mortgage in Fort Lauderdale.

Are 2 years’ worth of personal and business income tax
returns required for self-employed borrowers?

There is no simple yes or no answer to this question. The reality is that not all lenders and lending institutions require 2 years of documentation. For instance, government agencies like the FHA and VA do need 2 years of both personal and business income tax returns. On the other hand, the same loan programs may also offer more leniencies for other income considerations.

Unlike these, conforming and conventional loans require only a year’s worth of records of personal and business income tax returns for a self-employed mortgage. These are used to determine the borrower’s qualifying income for the mortgage.

What other requirements are considered for a self-employed mortgage in Fort Lauderdale?

In order to get approved for a self-employed mortgage, the borrower needs to prove that they can afford it. There are various requirements that lenders need to be fulfilled to prove stable earnings. Some of the other requirements for a self-employed mortgage in Fort Lauderdale include:

  • Business license for the company you’re self-employed at
  • Proof of maintaining regular ongoing business
  • An accountant
  • A sizeable down payment
  • Good credit score
  • A strong credit history
  • Purchase price of the house

The license and business maintenance are to validate the legitimacy of your business. A mortgage lender in Fort Lauderdale may require an accountant to put together your profit and loss statements along with required tax documentation.

Both credit score and credit history are beneficial for qualification. They communicate that you are financially responsible and will pay back your loan within the stated timeline. However, it is not the end-all of the application process.

Also, you’ll need a sizeable down payment, unlike mortgage applicants who are employed at other companies. This will mean that you will owe less money, which is less financially risky.

Lastly, the field of business you’re in and the type of company (sole proprietorship, partnership, LLC, or corporation) will also impact the decision.

What Our Clients Are Saying

Lana Mihova
Lana Mihova
16:22 13 Feb 20
Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!
Brian Mosher
Brian Mosher
15:02 13 Jan 20
Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.
Shannon Dameron
Shannon Dameron
01:34 12 Jan 20
Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing. I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service. 5 STARS
Florida Guy
Florida Guy
19:08 11 Jan 20
I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.
Peter Brines
Peter Brines
02:27 07 Dec 19
It was a real pleasure working with Steve. Extremely knowledgeable and professional. Would recommend this company all day long.
Olga Alderson
Olga Alderson
01:02 05 Dec 19
Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He\'s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.
elizabeth mcbride
elizabeth mcbride
01:16 21 Oct 19
The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

When it comes to getting a self-employed mortgage in Fort Lauderdale and other areas in Florida, each case is unique.

Give us a call today at (954) 359-3000 to find out what options are available to you, or click the button below to get started.

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