The stated income mortgage is a fantastic mortgage solution for self-employed photographers, videographers, and other professionals in the film industry.
The operating expenses to run your business as a self-employed photographer/videographer come from your own pocket. In turn, you’ll often hire a reputable accountant to ensure your tax deductions are being maximized as a business owner.
But uh oh… will this impact your mortgage options if your tax documents appear as though you earn less as a self-employed photographer or videographer?
With a stated income mortgage, your purchasing power can be maximized thanks to the income verification typically being centered around your business financial statements, rather than your tax documents.
Curious to learn more about a stated income mortgage? Let’s dive in!
Being self-employed means you declare your income differently than someone who is an ‘employee’. It’s often believed that being self-employed can lessen your chances of obtaining a great mortgage.
With a stated income mortgage, your income can be declared in a way which better reflects your true earnings, even after tax deductions.
It’s likely that as a self-employed photographer or videographer, you deduct certain business expenses such as your:
There’s no need to panic when it comes time to apply for a mortgage.
The stated income mortgage is designed specifically for self-employed individuals such as photographers, videographers, and other professionals in the film industry.
A stated income mortgage is a lesser known option for self-employed borrowers and small business owners to maximize their purchasing power, even after tax deductions.
Many reputable lenders offer the stated income mortgage – it’s ethical, sought-after, and a powerful asset for photographers and videographers looking to make the most out of their mortgage.
To get a better grasp on how a stated income mortgage works, explore our ‘stated income’ page!