For many Utahns, the dream of homeownership is alive and well — but if you’re self-employed, that dream might feel just out of reach. The good news? It’s absolutely possible to qualify for a home loan when you’re your own boss. This guide breaks down what you need to know about getting a mortgage when self employed, with a special focus on loan options like bank statement mortgages loans and no doc mortgages products.
How to Get a Mortgage Being Self-employed in Utah
If you’re a freelancer, entrepreneur, or small business owner, lenders evaluate your income differently. You’ll typically need:
- Two years of tax returns
- Profit & loss statements and business licenses
- Personal/business bank statements
- Strong credit score
- Low debt-to-income ratio (DTI)
Additionally, some lenders may also request a mortgage pre-approval for self-employed borrowers. Use a self-employed mortgage calculator to run the numbers in advance.
Self-employed Mortgage Options: Bank Statement Loans vs No Doc Mortgage
Bank Statement Loans
Perfect for freelancers and gig workers. These loans use 12–24 months of bank statements instead of tax returns. This is a great option when your adjusted gross income doesn’t reflect your actual cash flow.
No Doc Mortgage
These require minimal paperwork and are ideal for those with excellent credit and strong assets. They’re offered by the best no doc mortgage lenders like Truss Financial and select niche lenders.
Need help deciding? Search for a mortgage broker that specializes in self-employed mortgages to guide you.
Best Lenders for Self-employed Mortgages
Whether you’re searching for bank statement home loans or Utah’s best mortgage broker for self-employed clients, prioritize lenders who:
- Understand SMB (small and medium business) income
- Have flexible underwriting
- Are based in or familiar with Utah’s current mortgage climate
Pro tip: Some lenders offer a no doc HELOC for property owners who want more liquidity.
Utah Mortgage Rates Right Now (and How to Lock In Yours)
Compare current mortgage rates and Salt Lake City mortgage rates daily. Timing matters! Ask your lender how to lock in mortgage rate Utah to avoid rate fluctuations during underwriting. Platforms like MortgageRateUtah.com let you view Utah mortgage rates right now with real-time data.
Working with a Local Broker
Searching for a mortgage broker near you? A seasoned local broker can help you:
- Get mortgage pre approval
- Compare best home loan lenders for self employed
- Navigate the unique Utah market
If needed, ask for referrals or search online directories. A good broker makes all the difference for the self employed mortgage process.
Final Takeaway
All things considered: can you get a mortgage? Yes — especially with the right resources. Gather your financials, explore your options, and use tools like MortgageRateUtah.com to compare Utah lenders and secure the best deal.
