Securing a mortgage as a freelancer or contractor with irregular income can be more challenging compared to traditional salaried employees. However, it is not impossible. Lenders typically evaluate mortgage applications based on several factors, including income stability, credit history, and debt-to-income ratio.

While irregular income may pose some obstacles, there are steps you can take to improve your chances of getting approved for a mortgage:

1. Maintain a good credit score: A strong credit history can compensate for irregular income. Make sure to pay your bills on time, keep your credit utilization low, and avoid opening new lines of credit unnecessarily.
2. Show consistent income: Even if your income fluctuates, lenders prefer to see a pattern of consistent earnings. Providing tax returns for the past two years can help demonstrate your income stability.
3. Save for a larger down payment: A larger down payment can offset the risk associated with irregular income. Lenders may be more willing to approve your mortgage application if you can provide a substantial down payment.
4. Build a strong financial profile: In addition to income, lenders consider other financial factors such as savings, investments, and assets. Having a healthy financial profile can increase your chances of securing a mortgage.
5. Consider a co-signer: If your irregular income makes it difficult to qualify for a mortgage on your own, you may consider having a co-signer with a stable income. This can provide additional assurance to the lender.

It's important to note that each lender has its own criteria and policies, so it's advisable to shop around and compare mortgage options. Consulting with a mortgage broker or loan officer who specializes in working with self-employed individuals can also be beneficial.

References:

• Consumer Financial Protection Bureau: How do I get a mortgage if I am self-employed or irregularly employed?
• Investopedia: Getting a Mortgage When You're Self-Employed