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Mortgage FAQ: How Difficult is It to Get a Mortgage as Freelancer?

"I DO FREELANCE AND CONTRACT WORK SO MY INCOME DOES FLUCTUATE SOMETIMES. I’D REALLY LIKE TO BUY A HOME, BUT HOW DIFFICULT IS IT GOING TO BE TO GET A MORTGAGE?"

Although all mortgage lenders do have different requirements, getting a loan when your income comes from freelance work may not be as difficult as you may think. Just like someone who is employed by a company, you will need to show proof of income from your contract work. You can do this by providing your lender with your tax returns, 1099-MISC forms (miscellaneous income), etc. Depending on your specific lender, you may have to provide more information to them—such as assurances of future income—due to your status as a freelancer.

Generally, a lender will be looking for a two-year history of steady income. As with any mortgage, your lender will also take into consideration other aspects of your finances and your overall credit profile. If the level of your income does fluctuate, you want to make sure everything else—such as your credit score and your debt-to-income—is rock solid.

During the underwriting process, a lender will be looking for your ability to pay your mortgage (and pay it on time), so make sure to have all of your ducks in a row before you apply. For more information on getting a mortgage when you’re a freelancer, talk to your trusted mortgage professional.



For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

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