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Mortgage glossary
Self-Employed Income
Income from owning a business, freelancing, or working as an independent contractor. The lender reviews documents allowed by the program to determine stable qualifying income. The time in business and documents required vary; tax deductions can affect the income used for qualification.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.