Personal: Getting a Mortgage As Two Freelancers

For this weeks personal post, let’s talk a little bit about our upcoming move & how getting a mortgage as not one, but TWO freelancers looks (hint: it isn’t good).


As most of you know, I said goodbye to my W-2 income job in May and said hello to the 10-99 freelancing life to stay home with my baby. Let me first say that this was the best best decision I have ever made. Scary, yes. But in the past few months I have said yes to so many opportunities that I would’ve had to turn down, am able to see Hudson from sunrise to sundown every day and I can feel myself growing in so many ways that sitting at a desk didn’t allow me to do. That being said, we didn’t think we would be in the market for a new home. And we weren’t really.


But, my parents decided they wanted to buy property near us so they could visit Hudson more frequently, which eventually turned into us buying property together. So, when we found THE ONE, my dad applied for a mortgage to buy it, and we jumped on getting our own place sold. Luck would have it that we were in contract within a week on the market, BUT when we went to apply for a mortgage we were in for a rude awakening. My previous W2 income was considered nullified, and in order to have any freelance income considered you have to have a full two years worth of work, and they average your income for those two years as your salary. So, my income = $0. Yup, ZILCH. So, they ended up using Matt’s income alone for our mortgage application.


It’s pretty frustrating that the banks make it so much more complicated + difficult for entrepreneurs, and to be honest there were a few days where we were ripping our hair out going through paperwork just to find out what we could even secure as far as a mortgage goes. So other freelancers, consider yourselves warned. 🙂


4 comments so far.
  • Andrea

    My husband and I went through the same thing just trying to get a personal loan for a trailer to live in! The same deal we were turned down everywhere we went and the banks are no fun when you want to be a freelance mama! Thus we’re living in a 379sqft studio with out 11 month old! We have to go with out gut though to do what is best for the family.

  • Tonya Renee Topete (Nina T)

    Research beforehand would have saved you a lot of time and set the correct expectations. Rules and regulations change all the time, more so now since the 2008 top of the previous fiasco, its secret dealings still coming to light. We’re considering a move within the next five years; however, I’m not sure I want to try that out again. The paperwork and the money trail… U G H.

  • welcome new life! come on!!!!!!!

  • Ardith McCann

    Considering the fact that traditional employment is becoming a thing of the past, banks and other financial institutions are far behind the trend. As the move and pursuit of new property came as a surprise, I understand why these clearly outdated policies caught you unaware. Freelancers have historically been on the short end of the financial stick; it’s time for enlightened, educated changes.