With all this talk about help for the self employed, I wanted to chat a little bit about self employed loans. For starters, about three years ago or so, I applied to get a home loan as a self employed individual. I’m a Sole Proprietor running business under a trade name. This means my freelance writing income is filed under my name using both the social security number and an employer identification number.
After chatting with many of my self employed friends, all those years ago, I found that many self employed have a difficult time getting loans. I’m not sure why those who are self employed have a hard time getting loans, as we file taxes to report our annual income so there’s always some sort of proof of income.
With that being said, I understand that we all file differently and handle our businesses differently so that means the self employed will sometimes have a different route to get something like the Associates Home Loans. There are a few reasons why it would be difficult to get a loan, but it’s not impossible.
Challenges with Self Employed Loans
Some of the challenges with self employed loans that I’ve seen others deal with include the inability to prove their income for whatever reason, the inability to be seen as a reliable working person, or perhaps a difficult time proving their income.
Each of these challenges with self employed loans doesn’t make sense to me. I can see someone having more difficulties with loans when they’ve gone through bankruptcy recently as opposed to having proof of self employment income.
Since I’m not a professional lender, I can’t begin to comprehend what each of us have gone through to get our self employed loans or a home loan while being self employed, I can only comment from my experiences.
I was able to get a pre-qualification for a home loan with my self employment income but it was too small of a loan amount to buy a home large enough as a mother of three. I paused my search for a home purchase and then life became unpredictable and here I am renting again.
Regardless of whether you’ve gone through bankruptcy or happen to be self employed, there are loans out there for you. That’s the beauty of this world we live in, the options are endless. For every bad credit, low credit, or self employed person there’s a program that can help you make your dreams come true.
When it comes to finding the best self employed loan for your needs, you’ll want to talk to the professionals who deal with this day in and day out. They’ll know how to guide you forward with selecting the right Associates Home Loans that work for the self employed or those who’ve filed bankruptcy and lead you towards succeeding in your goals.
That’s all any of us wants, right? The ability to find ways to achieve our goals. This is one the biggest reasons I love the internet and America, where we can find so many options that will suit our previous experiences to ensure that those past decisions or mistakes don’t impact our future success.
Whether you’re looking for self employed loans or have gone through bankruptcy and aren’t sure of what the future holds, please do reach out to a professional who can help you with a loan to ensure that you can move forward with your goals and dreams in life.