Getting a Mortgage for the People Who Build Homes

I have built houses for other people. When I was in school for carpentry, I worked on building a modular home right on the school’s property. It was the second thing I built as part of my formal education. I have had my own business as a contractor making home repairs and improvements for a few years now. However, when it came time for me to get my own mortgage, my job was actually a problem. I had to go to to get help getting a mortgage for my wife and I to buy our first home.

When you work for yourself, you do not have standard pay stubs. Your taxes are based on a Schedule C profit and loss statement for your business. Lots of banks want you to be an established employee with a company. They seem to be scared if you are your own business owner. I think my income profile is more reliable than many employees. I have to rely on myself and not the hourly pay of an employer. I have to make sure I can generate income year round. Layoffs, slowdowns and wage cutbacks are not an option. I still need to pay my bills regardless of the market. If you are an employee, you are at the mercy of your employer. You could go to work one day to find the doors permanently shut. I have heard of it happening. I think my work as a self-employed business owner is more secure, but the banks must not see it that way.

Well, I did find one place that helped us get a mortgage based on my business and income history. The site helped us to figure out how much we could borrow and how to get a mortgage even though I was a contractor that was involved in the business of building and renovating homes for others.

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