Income for self-employed applicants is usually verified through tax returns, bank statements, and sometimes a CPA's certification. Lenders may calculate income based on the average of the last two years' adjusted gross income.

While having less than two years of self-employment can be challenging, some lenders may consider your application if you demonstrate strong income, a good credit score, and a reasonable debt-to-income ratio. Previous experience in the same industry can also be beneficial.

Yes, certain mortgage programs cater to self-employed individuals by offering flexible income verification methods and reduced documentation requirements. These programs consider factors like bank statements and business performance to assess eligibility.

Not necessarily. While self-employed individuals can pose a higher risk to lenders, if you have a good credit score, a substantial down payment, and sufficient income, you may qualify for competitive interest rates comparable to those offered to traditionally employed applicants.