""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.""
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.
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