Intro
Buying a house can be challenging, especially if you're self-employed, freelance, or earning money through multiple side hustles. Unlike traditional employees, entrepreneurs often have more complicated income situations that can make qualifying for a mortgage difficult.
But does being self-employed mean homeownership is out of reach?
In this episode of The Side Hustler's Society, Elijah Bilel sits down with mortgage professionals Amiya Collins and Ehimen Ordia, co-founders of Loanology Lending Group, to discuss how aspiring homeowners can navigate the mortgage process.
From alternative mortgage programs and down payment assistance to improving your credit score, this conversation explores practical strategies for making homeownership more accessible—even if your income doesn't come from a traditional nine-to-five job.
Intro to Amiya Collins and Ehimen Ordia
Amiya Collins is an entrepreneur and mortgage loan officer with Loanology Lending Group. Many people in the Dallas–Fort Worth area also know her as the former founder and owner of It's So Vegan, a plant-based restaurant. She now helps homebuyers, homeowners, and real estate investors navigate mortgage financing.
Ehimen Ordia is a mortgage broker, entrepreneur, real estate investor, and U.S. Air Force veteran. As a co-founder of Loanology Lending Group, he helps clients explore traditional and alternative financing strategies to achieve their real estate goals.
Together, Amiya and Ehimen focus on educating clients, identifying suitable loan programs, and helping people navigate the path to homeownership.
Visit the Loanology website here.
Episode Overview
Elijah opens the conversation by explaining why self-employed individuals often need a different approach to buying a home. When your income comes from freelancing, business ownership, or several different sources, qualifying for a mortgage isn't always as straightforward as it is for someone earning a traditional salary.
Amiya and Ehimen explain that there isn't just one way to qualify for a mortgage. Different loan programs accommodate different financial situations, and understanding which options are available can make a significant difference.
They also discuss credit optimization, down payment assistance, bank statement loans, and common mistakes that can make buying a home more stressful than necessary.
Listen to the Episode
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The Side Hustler's Society Resources
Buying a home is a major financial decision, and understanding your relationship with money can help you make more informed choices.
The Financial Anatomy Personality Report helps you better understand your financial tendencies, strengths, and opportunities for improvement.
Discover your financial personality by getting your report here.
Quick Takeaways
Being self-employed doesn't automatically disqualify you from getting a mortgage.
Different loan programs accommodate different income situations, including certain forms of self-employment income.
Bank statement loans may provide an alternative to traditional income verification for eligible borrowers.
Credit optimization can help you focus on the changes that matter most when preparing for a mortgage.
Down payment assistance programs may help eligible buyers reduce their upfront costs.
Understanding property taxes and communicating with your lender can help prevent unpleasant surprises after closing.
How to Get a Mortgage When You're Self-Employed
One of the biggest challenges self-employed individuals face when buying a home is proving their income.
Traditional mortgage applications often rely on documented income, but business owners and freelancers may have multiple income streams and business deductions that complicate the process.
Amiya and Ehimen explain that alternative lending options may be available, depending on the borrower's circumstances.
These can include bank statement loans, which may use deposits over a specified period to help assess income, as well as programs that consider profit-and-loss statements or other financial documentation.
The right option depends on factors such as your credit profile, income history, documentation, and the lender's requirements.
The important lesson is to explore your options before assuming you cannot qualify. Speaking with a mortgage professional early can help you understand what documentation you'll need and which programs may fit your situation.
Improve Your Credit Before Applying for a Mortgage
Your credit score can influence your mortgage eligibility and the financing options available to you. However, improving your credit isn't always as simple as paying off every outstanding debt.
During the conversation, Amiya and Ehimen explain why personalized credit guidance can be valuable.
Depending on your circumstances, you may need to reduce credit utilization, establish a stronger payment history, or address specific issues on your credit report.
Making payments toward the wrong accounts without understanding how they affect your mortgage eligibility could mean missing opportunities to improve your credit more efficiently.
Their advice: Get guidance before spending money on credit repair or paying down debts. A mortgage professional may be able to help you identify the steps most relevant to your homebuying goals.
Down Payment Assistance Can Make Homeownership More Accessible
Saving for a down payment is a major obstacle for many aspiring homeowners. However, eligible buyers may be able to use down payment assistance programs to reduce the amount they need to bring to closing.
Amiya and Ehimen discuss programs that may provide assistance through grants or subordinate loans, depending on the program's rules.
Eligibility can depend on factors such as credit score, income limits, property requirements, and whether you meet other program criteria. Some assistance programs also have repayment or forgiveness conditions.
The key takeaway is that you shouldn't automatically assume you need to save the entire down payment on your own.
Ask a qualified mortgage professional which programs are currently available and whether you meet their requirements. Be sure to understand any additional costs, interest rates, repayment obligations, and conditions before proceeding.
Avoid Surprises After Closing
Getting approved for a mortgage is only one part of becoming a homeowner. You also need to understand the ongoing costs of owning the property.
During the episode, Amiya shares a personal experience involving property taxes. After purchasing a newly built home, changes in the property's tax assessment caused her monthly payment to increase substantially.
Her experience highlights why buyers should look beyond the initial mortgage estimate.
Before closing, make sure you understand how property taxes, homeowners insurance, mortgage insurance, and other applicable expenses could affect your monthly housing costs.
It's also important to communicate with your lender and ask questions whenever something isn't clear.
Planning for these expenses can help you avoid financial stress after moving into your new home.
Who This Episode Is For
This episode is especially useful for:
Freelancers and self-employed individuals who want to buy a home
Entrepreneurs with multiple income streams
First-time homebuyers
People exploring down payment assistance programs
Buyers who want to improve their credit before applying for a mortgage
Real estate investors interested in financing options
Anyone who wants to better understand the mortgage process
Key Topics Covered
Buying a home while self-employed
Alternative mortgage programs
Bank statement loans
Credit optimization before applying for a mortgage
Down payment assistance
Understanding property taxes and homeownership costs
Preparing for a smoother mortgage closing