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For most Conventional mortgages, you are considered self-employed if you own 25% or more of a business.

Ideally you should have a minimum 2-year history of self-employment for your income to be considered reliable and stable for mortgage qualification purposes.

If you plan to use business assets for your down payment or closings costs, the lender must perform additional analysis to ensure the use of these funds won’t negatively impact your business. This typically requires additional documentation.

It’s always best to consult a mortgage professional to assess your specific situation. One of our helpful humans at First Community Mortgage, the Human Mortgage company, is always here to answer any questions you may have.


Source: Fannie Mae