As of 2024, 60 million Americans work as freelancers in diverse roles, aspiring for homeownership despite difficulties in mortgage applications. Post-pandemic trends show an increase in freelancing, especially among Gen Z, prompting lenders to adapt. Though self-employed individuals must navigate additional requirements such as documenting income and providing at least two years of self-employment history, experts agree that thorough preparation can lead to successful mortgage acquisition. Understanding that lenders evaluate self-employed borrowers similarly to traditional employees is crucial for prospective homeowners.
"Most people don't realize this and think there are totally different rules. But the main difference is that as a freelancer, you just have to document the income."
"The truth is, once you gather the necessary paperwork to validate your income and self-employment history-and take a few additional steps-experts agree you'll be well on your way to holding the keys to your new home."
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