The Insider’s Guide to Purchasing a Home for Self-Employed Professionals
As self-employed professionals, you know the freedom and flexibility that comes with being your own boss. But when it comes to purchasing a home, that freedom often comes with challenges—especially when trying to secure a traditional mortgage. Fluctuating income, complex documentation, and strict bank requirements can make the home-buying process feel overwhelming. But we’re here to tell you—it doesn’t have to be that way.
We’ve been there. We faced the same hurdles that self-employed professionals like you experience. The good news? We found a solution that worked for us, and now we’re helping others achieve homeownership through our Lease-to-Own program. Here’s how you can do the same.
1. The Unique Challenges of Securing a Mortgage When You’re Self-Employed
As entrepreneurs, we’re often focused on maximizing our tax deductions, which makes sense for business—but it can also complicate things when you’re applying for a mortgage. Banks are usually looking for W-2 stability, and when your income fluctuates, it can throw up roadblocks, even if you’re thriving.
Here are some common reasons why self-employed professionals may struggle to get approved:
- Income doesn’t meet bank guidelines: Many lenders have strict criteria for qualifying income, which may not account for all the ways you generate revenue.
- Business not in operation long enough: Banks often require at least two years of self-employment history.
- Maximizing deductions: While great for tax savings, this practice can lower your taxable income, making it harder to qualify for a mortgage.
We know how frustrating this can be, but it’s a reality for many self-employed professionals. The good news? There’s a better way.
2. How We Purchased Our Home with a Lease-to-Own Homeownership Solution
Like many of you, we faced these exact challenges. Jerry and I had doubled our income in our real estate business, but because we were both self-employed, securing a mortgage wasn’t easy. We needed time to build our financial profile and improve our credit, but we didn’t want to miss out on our ideal home.
That’s when we turned to a Lease-to-Own homeownership solution. It gave us the flexibility to move into our future home while working on meeting traditional mortgage requirements. Within just two months, we were able to buy the home we’d been leasing, all while building our financial standing along the way. Now, we’re using this exact strategy to help other self-employed professionals achieve their homeownership goals.
Thinking of relocating to the Raleigh Metro area? Explore a transformative path to homeownership! Click here to read more on relocating.
3. Why Our Lease-to-Own is the Perfect Solution for Self-Employed Professionals
Our Lease-to-Own solutions offer unique benefits for that are especially valuable for self-employed home buyers. Here’s how it works in your favor:
- Time to Build Income History: While you’re leasing, you can continue to season your income and meet the bank’s requirements.
- No Immediate Mortgage Pressure: Enjoy the flexibility of renting without the pressure of immediately qualifying for a mortgage.
- Appreciation Benefits: Your home will appreciate while you’re leasing, meaning your investment grows even before you officially purchase.
- No Risk: Unlike traditional renting, your lease-to-own option ensures that you never lose your investment. You can choose to buy the home, cash out, or transfer your wealth to another property. Your investment is protected!
This is more than just a temporary housing solution—it’s a pathway to secure, stable homeownership tailored to the unique needs of self-employed professionals.
Considering a new home? Discover why a lease-to-own option might be the perfect choice for you right now. Click here to read more about our innovative wealth-building options.
4. Real Success Stories: How Lease-to-Own Helped Sarah and John
We’ve helped dozens of self-employed professionals facing the same challenges. Take Sarah and John, for example. Both were self-employed, running thriving businesses, but their fluctuating income meant they kept getting turned away by lenders. They found their perfect home, but traditional financing wasn’t an option.
By leveraging our Lease-to-Own solution, Sarah and John were able to move into their dream home right away, allowing them the time they needed to build their financial profile. In just a year, they secured a mortgage and officially purchased the home.
Their success is just one example of how self-employed professionals can overcome the hurdles of homeownership with the right solution. But we have so much more to offer. Our innovating home buying solutions allow you the flexibility of leasing while enjoying the benefits of homeownership, specifically sharing in fractional ownership and wealth-building while leasing! It is a debt-free way to purchasing a home.
Building trust step by step: Follow the story of how we helped a homeowner go from guarded to grateful. Learn more here.
5. Tips for Navigating Mortgage Requirements as a Self-Employed Buyer
While a Lease-to-Own solution gives you time and flexibility, it’s still important to prepare for mortgage approval down the road. Here are some tips to help you get started:
- Keep Accurate Financial Records: Make sure your business finances are well-documented. Lenders will want to see two years of tax returns, profit and loss statements, and bank records.
- Minimize Deductions: Consider reducing your business deductions for one or two years to increase your taxable income and improve your chances of qualifying for a mortgage.
- Improve Your Credit: Focus on paying down debts, making timely payments, and keeping credit card balances low to boost your credit score.
- Build a Savings Cushion: Having a solid savings account can make you a more attractive borrower and help with the down payment.
By taking these steps, you’ll set yourself up for success when you’re ready to secure a traditional mortgage.
6. Ready to Find Your Path to Homeownership? Here’s How to Get Started
If you’re a self-employed professional struggling to secure a mortgage, we’ve been there, and we’re here to help. With our Lease-to-Own program, you can lease your future home while building your financial profile in the meantime. Here’s how to get started:
- Apply for Our Wealth-Building Lease-to-Own: Our application process is quick, easy, and free—plus, it has no impact on your credit.
- Choose Your Home: Explore a range of move-in-ready homes in Raleigh, Greensboro, or Charlotte Metro.
- Move In and Build Your Financial Profile: Lease your home while continuing to build your income history, improve your credit, and prepare for mortgage approval.
- Decide When You’re Ready: Once the time is right, you can purchase the home, cash out, or transfer your wealth to another property.
Ready to Secure Your Future?
We’ve been where you are, and we’ve found a solution that works. Let us help you find your path to homeownership through our Lease-to-Own program. Contact us today to take the first step toward owning your dream home—on your terms.
