{"id":1036,"date":"2020-10-21T06:00:42","date_gmt":"2020-10-21T10:00:42","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1036"},"modified":"2024-04-25T23:20:28","modified_gmt":"2024-04-26T03:20:28","slug":"a-gig-workers-guide-to-home-buying","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/a-gig-workers-guide-to-home-buying\/","title":{"rendered":"A Gig Worker\u2019s Guide to Home Buying"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/gig-workers.jpg\" alt=\"Image of a person with a big smile driving a van on a street on a sunny day. Captioned: A Gig Worker's Guide to Home Buying\" class=\"wp-image-1037\" width=\"493\" height=\"328\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/gig-workers.jpg 986w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/gig-workers-300x200.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/gig-workers-768x511.jpg 768w\" sizes=\"auto, (max-width: 493px) 100vw, 493px\" \/><\/figure><\/div>\n\n\n\n<p>If you\u2019re self-employed, or earning at least some of your\nmoney through contract or gig work, you might wonder if you\u2019ll be able to get a\nmortgage loan. <\/p>\n\n\n\n<p>If a gig is just a side income stream, there\u2019s no issue. Under\nthe current rules, borrowers who apply for a conventional mortgage based on W2\nincome or retirement income aren\u2019t asked to show their earnings from the side gig.\n<\/p>\n\n\n\n<p>But what if gig work is a large portion or all of your\nincome? Prepare to get a lot of questions from the gatekeepers. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Get the Right Mortgage Expert.<\/h2>\n\n\n\n<p>In the face of any indication that your income stream is precarious,\nunderwriters may hesitate. That\u2019s when your mortgage specialist will ask you\nfor more proof, more paperwork.<\/p>\n\n\n\n<p>Find an energetic mortgage specialist \u2014 someone who\u2019s in\nyour corner, ready to navigate the underwriter\u2019s rules and assumptions.\nWondering where to look? Talk with local homeowners you know who are engaged in\nnontraditional work: gig workers, part-time employees, entrepreneurs. Who was\ntheir mortgage specialist? Or what realtor did they use? That agent will know\nwho assisted with the successful mortgage. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Show a History of Savings and Financial Resilience. <\/h2>\n\n\n\n<p>Mortgage servicers accept loan applications face-to-face, by\nphone, or through online portals. Your income and balances in credit, savings\nand investment accounts, your work history, your credit profile\u2026 All of these\nare basic factors for meeting the underwriting guidelines. If you\u2019re a business\nowner and self-employed, get ready to show your mortgage specialist the proof\nof your business formation with the state, recent tax returns and the attached\nschedules, and your income and spending data. <\/p>\n\n\n\n<p>When you really want a house, it\u2019s tempting to raid\neverything you\u2019ve got to make the underwriter happy, but approval doesn\u2019t work\nthat way. Lenders won\u2019t let you deplete all your savings to make your down\npayment. In their eyes, that\u2019s another risk. <\/p>\n\n\n\n<p>Nor does it help to go to supportive friends and family\nmembers for financial assistance \u2014 unless someone is prepared to serve as your <a href=\"https:\/\/www.deeds.com\/articles\/how-getting-a-mortgage-with-a-co-borrower-affects-the-deed\/\">co-borrower<\/a>\non the loan. If your bank accounts show unusually large recent deposits, you\u2019ll\nlikely need to explain where the cash injection came from. If a source of\nincome isn\u2019t regular, it won\u2019t help you qualify. Industry guidelines require\nthe lender to rely on stable and consistent income, not unusual infusions of\ncash.<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Income fluctuates for many businesses.\nHad a particularly low-income year? Prepare your mortgage specialist to show\nthe underwriters several years of tax returns. You might also ask for a\nstatement from your accountant to attest to the health of your business. (Under\nnormal office policies, your accountant might turn down a request for such a letter\nif you were not a client during the time you\u2019re looking back over.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ask About Mortgages Tailored to the Self-Employed.<\/h2>\n\n\n\n<p>Why is two years the yardstick? The Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act codified the <a href=\"https:\/\/www.consumerfinance.gov\/policy-compliance\/rulemaking\/final-rules\/ability-repay-and-qualified-mortgage-standards-under-truth-lending-act-regulation-z\/#:~:text=The%20final%20rule%20implements%20sections,a%20dwelling%20(excluding%20an%20open%2D\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">ability to repay<\/a> rule. For the borrower\u2019s protection, it is against the law for a lender to approve a borrower who will not have the resources to pay the loan back. In practical terms, lenders must make a reasonable, good-faith decision that the borrower can pay back any loan secured by a home. The basic factors in this are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/themortgagereports.com\/20645\/self-employed-mortgage-approval\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Verifying income<\/a>. This can be done in a variety of ways, but usually relies on two years of tax returns.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Determining debt-to-income ratio. Whether you run your own business or do work for hire, how much you make versus how much you spend is a pivotal ratio. Lenders <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">divide monthly debt by gross monthly income<\/a>. The ratio should be no more than 43%, unless the lender has solid reasons to be sure you\u2019ll be able to faithfully repay your mortgage loan. <\/li><\/ul>\n\n\n\n<p>Here\u2019s the good news. Contract workers can ask Freddie Mac\nand Fannie Mae, the government-backed companies that buy most conventional\nmortgages, to apply automated underwriting for self-employed applicants. The automation\ntechnology scans tax returns for income that could qualify the borrower. Neither\nFannie nor Freddie will hold the lender responsible for income errors found\nlater if the approval is based on the automation. <\/p>\n\n\n\n<p>Moreover, Fannie Mae will accept self-employed borrowers\nwith irregular pay or occasional business draws, even if their businesses don\u2019t\nyet have two years of federal tax returns. So, if you are self-employed or do\nwork for hire on a contract basis, but don\u2019t have the continuous two years of\npay from one business source, you have options. <\/p>\n\n\n\n<p>To strengthen your application, your mortgage specialist could suggest you write up a statement on how your current work continues the trajectory of the work you did in past years. It\u2019s helpful to show a continuous income pattern in related tasks, even though you need not show a steady, two-year self-employment history. Fannie Mae can approve borrowers who show one full year of successful self-employment after prior work in the same field. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Be cautious about writing off income\nin your tax return if you aim to buy a home. You\u2019ll want to show more income,\nnot less, when applying for a mortgage. Some deductions, such as depreciation, are\nfine. Underwriters will take write-offs that aren\u2019t actual expenses and add\nthem back into your income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your Business Survived a Pandemic? Prepare to Offer Additional\nDocumentation.<\/h2>\n\n\n\n<p>Just as things were getting a lot better for home-hunting\ngig workers, the virus turned up. People in a variety of occupations, from\ncleaners to caf\u00e9 owners, from Lyft drivers to travel agents, coaches and\npersonal trainers, mechanics and dog walkers, non-essential retail workers\u2026 So\nmany have been set back by the effects of the virus. Some people have been\ndisplaced from their organizations and are starting up independent businesses.<\/p>\n\n\n\n<p>In light of the financial turmoil connected with the pandemic, <a href=\"https:\/\/guide.freddiemac.com\/app\/guide\/bulletin\/2020-19\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">lenders now expect extra documents from these self-employed applicants<\/a>, such as: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Proof that their sources of income are still\nviable \u2014 for example, current licensing documents, and proof of recent income\nthrough gross receipts or sales.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A signed year-to-date profit-and-loss statement\nto prove and attest that the last tax return is still relevant. The information\nmust cover the most recent month preceding the loan application and be\nsubmitted within 60 calendar days of the promissory note date.<\/li><\/ul>\n\n\n\n<p>Your application file will need to contain a persuasive written\nanalysis showing you qualify for your home loan based on reliable, stable\nincome. What is the practical effect of this? If you qualify for the loan yet your\nincome has suffered in the shutdowns, you\u2019re not going to qualify to borrow as\nmuch. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Facing a financial emergency? The U.S. Small Business Administration offers low-interest loans to help small business owners <a href=\"https:\/\/www.sba.gov\/funding-programs\/disaster-assistance\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">recover from declared disasters<\/a>. Use official .gov websites and those you know are trustworthy. Beware of disaster relief scams, which abound online.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Getting Your Mortgage Loan Is Possible, and Now Might be the Best Time. <\/h2>\n\n\n\n<p>Getting&nbsp;a&nbsp;mortgage&nbsp;as a&nbsp;gig worker continues\nto take a special kind of stamina. But people are making livings from gig work&nbsp;and\nindependent business ownership, and many of these people want to buy homes. The\nmortgage industry is coming to understand this. Getting a loan is possible, and\nthe best way to win at the game is to have an excellent mortgage expert working\non your behalf. <\/p>\n\n\n\n<p>Once you do buy your home, you can set it up as your place\nof business, and be eligible to deduct business expenses and the value of the\nspace in your house <a href=\"https:\/\/www.deeds.com\/articles\/selling-your-house-working-from-home-may-impact-buyer-preferences\/\">used\nregularly and exclusively for business<\/a>. In these times especially, the\njourney to homeownership can be rugged yet rewarding.&nbsp; <\/p>\n\n\n\n<p><strong>Resources<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\"><br> Kenneth R. Harney, <a href=\"https:\/\/www.washingtonpost.com\/realestate\/if-youre-self-employed-or-a-gig-worker-getting-a-mortgage-just-got-easier\/2019\/03\/12\/319d8b62-4428-11e9-aaf8-4512a6fe3439_story.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">If You\u2019re Self-Employed or a \u2018Gig\u2019 Worker, Getting a Mortgage Just Got Easier<\/a>, <em>Washington Post<\/em> (Mar. 13, 2019).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Gina Pogol, <a href=\"https:\/\/themortgagereports.com\/18303\/mortgage-self-employed-1099-business-get-approved\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Self-Employed Mortgage Borrower? Here Are the Rules<\/a>,<em> The Mortgage Reports<\/em> (Sep. 27, 2019).&nbsp;<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/unsplash.com\/photos\/Ap6t4U-VIqw\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Frank McKenna<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re self-employed, or earning at least some of your money through contract or gig work, you might wonder if you\u2019ll be able to get a mortgage loan. If a gig is just a side income stream, there\u2019s no issue. Under the current rules, borrowers who apply for a conventional mortgage based on W2 income [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1036","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Gig Worker\u2019s Guide to Home Buying - Deeds.com<\/title>\n<meta name=\"description\" content=\"If you\u2019re self-employed, or earning at least some of your money through contract or gig work, you might wonder if you\u2019ll be able to get a mortgage loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/a-gig-workers-guide-to-home-buying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Gig Worker\u2019s Guide to Home Buying - 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