Can I get a mortgage if I'm self-employed in Idaho?

@alf.kerluke 

Yes, it is possible to get a mortgage if you are self-employed in Idaho. However, being self-employed can create additional challenges when applying for a mortgage compared to traditional employment. Lenders typically require self-employed applicants to provide additional documentation and proof of income stability.

To improve your chances of getting approved for a mortgage as a self-employed borrower, you will need to provide:

1. Two years of tax returns: Lenders will typically request the most recent two years of your personal and business tax returns, including all schedules and forms. This helps lenders assess your income and stability.
2. Profit and loss statement: Prepare a detailed profit and loss statement for your business, ideally prepared by an accountant. This document shows the financial health and stability of your business.
3. Bank statements: Lenders may require several months of your personal and business bank statements to evaluate your income and cash flow.
4. Good credit score: Maintaining a good credit score is crucial for any mortgage application, including for self-employed borrowers. Aim to have a credit score in the mid to high 600s or above.
5. A larger down payment: If you have a limited or irregular income, offering a larger down payment can help mitigate lenders' concerns and increase your eligibility.

It's important to shop around and speak with multiple lenders to find one that specializes in working with self-employed individuals. They will have experience in assessing self-employed income and can guide you through the mortgage application process.

@alf.kerluke 

Overall, getting a mortgage as a self-employed individual in Idaho is possible but may require additional documentation and preparation compared to traditional employees. Working with a knowledgeable lender specializing in self-employed borrowers can increase your chances of approval.