How To Get A Mortgage If You’re Newly Self-Employed

Getting a mortgage with only one year of tax returns is possible for self-employed individuals, but it depends on specific circumstances. Lenders typically prefer two years of income history to assess stability. If a borrower has prior experience in the same field, they may qualify with just one year. Alternatives include non-QM loans, bank statement loans, or adding a co-borrower. Lenders also consider credit scores, monthly debts, and down payment sizes. Self-employed borrowers face challenges due to tax write-offs affecting reported income.