{ "media_type": "text", "post_content": "Anyone know a mortgage broker that understands freelance? I’m struggling to get anyone to approve a loan since I started an S-Corp last year. Running into two years of business history / current salary. I’ve been freelancing for years.", "post_id": "5f2992e243b465001aa1114b", "reply_count": 6, "vote_count": 1, "bowl_id": "5908c9d5f735ee00105b9fa4", "bowl_name": "WFH Freelancers" }

Anyone know a mortgage broker that understands freelance? I’m struggling to get anyone to approve a loan since I started an S-Corp last year. Running into two years of business history / current salary. I’ve been freelancing for years.

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Can you try going directly to your bank / branch and use their mortgage specialist? They know your earning history so may be more helpful. All the rates are very competitive right now so you don’t necessarily need a broker to shop around.

My bank, Chase, did not care. The mortgage specialist basically said get a job you bum.

Will be tough with S Corp under two years old. Have you relied on freelance as your primary source of income for more than two years? If not...you’re more than likely going to need to wait the two years. Too much risk which lenders aren’t as willing to take these days. I was a real estate agent for years - Fairway Mortgage was my go-to for self-employed clients.

Thanks. I’ve been freelance for 6 years. Opened S-Corp last year to offset some of my income. But doing that has caused lenders to think like I’ve changed careers or that my income suddenly dropped and I’m unprofitable. I basically need to get a job at a target store so I have a “real” employer with w-2 paycheck until I can close a loan.

And even then they’ll say you switched fields and make you wait 2 years from the day you start at Target. It’s brutal - though not impossible - for the self-employed. I’d think your best bet would be to wait until you hit your 2-year mark with your S-Corp.

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American pacific mortgage just did mine in Los Angeles. Started my s-Corp last August. It’s definitely different as a freelancer but it can be done. For me they just asked to see the last two years of tax returns for everything, both business and personal. They based it off average income and wanted to see accounts receivable and evidence of upcoming projects, signed contracts, etc. I also had to write a letter of explanation in regards to how I was maintaining work through covid. Whatever you have available they will walk you through how to present it to help get approval. They’ve honestly been so great through something I was expecting to be an uphill battle.

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