Mortgage Loans for Self-Employed Workers: Requirements and Best Alternatives

UVA mortgage loans are also available for workers who invoice as self-employed. Several institutions accept these incomes to purchase a home, although not all treat them the same way or offer the same financing margin for the operation.

For those who work independently, the difference may lie in how much they lend, how long they have to repay it, and what portion of the property must be paid with their own money. Another factor that can increase the loan cost is not receiving the salary in the chosen bank.

From Banco Hipotecario to Brubank: Banking Options for Independent Workers

The market has very different options. Banco Hipotecario offers a term of up to 15 years, with about $170,000 and financing that can reach 80% of the appraisal. Banco Ciudad extends the loan up to 25 years and reaches about $248,000 for the first home, although for other cases the amount drops to $70,000.

On the other hand, Brubank, Banco Nación, and BBVA offer terms of up to 30 years. Brubank is around $216,000 and finances up to 70% of a first home. Nación reaches 75%, while BBVA covers up to 80% of the appraisal and does not set a maximum amount.

Macro plays another card: it also does not set a maximum amount. For those under 30, it can finance up to 90%, although this percentage decreases according to the value of the operation and the client's relationship with the institution.

Credicoop, Banco del Sol, and Comafi complete the offer. The first manages about $141,000 and finances up to 70% of a first home; Banco del Sol does not set a limit and reaches 80%; Comafi offers around $246,000 and covers up to 75%.

Thus, two people looking for a property of similar value may find themselves with very different needs for their own money. The percentage not covered by the bank comes out of the buyer's pocket.

Rates and Hidden Costs: How Much It Costs to Finance a Home Without a Salary Receipt

Another point that can hit hard in the pocket is the rate. In several banks, not crediting the salary means paying a surcharge for the loan, even when the line accepts the self-employed.

The most marked case appears in Banco Nación: the rate goes from 6.7% for those who credit their income to 12% for those who do not. Banco Ciudad also strongly penalizes that difference: for certain first homes, it starts at 7.5% with crediting and can reach 15% without it.

In other institutions, the jump is more limited. Brubank goes from 12% to 14%; Credicoop, from 7.5% to 9%; Banco del Sol, from 9% to 12.5%; and Comafi, from 9.5% to 11%. BBVA manages between 7.5% and 9.5% with credited salary and reaches 11.5% without that condition.

The installment also has a brake. The most common rule is that it does not exceed 25% of the applicant's income. Banco Hipotecario sets a limit of 20%, while Macro and BBVA do not report a percentage.

What to Do If the Bank Requires Employment Relationship to Supplement Income

There is a different obstacle when the bank does not accept self-employment as the main income. Galicia and Santander require that the applicant receives a salary in an employment relationship, but allow the invoicing from their independent activity to be added.

In Galicia, this combination allows access to a loan of up to 20 years, with no limit on the amount and with financing of 70% of the appraisal. The rate is 9.5% with credited salary and rises to 11.5% if the applicant does not receive their income in the bank.

Santander also offers up to 20 years, with no limit on the amount and with financing of up to 70%. The rate is 9.5% for those who credit their salary, and additionally, the spouse's or partner's income can be included.

There, self-employment does not replace the salary: it serves to boost the total income that the bank takes into account. For someone who lives solely from their independent activity, the solution is to look for an institution that accepts that income as the basis for the loan.

Steps to Submit Your Application and Increase Approval Chances

The first filter is in the paperwork. According to the bank, they may ask you to have your self-employment payments up to date with ARCA, present the last three receipts, or demonstrate a certain seniority. Some institutions require more than a year as self-employed.

Then comes a calculation that is advisable to do before choosing the property: how much the bank puts in and how much you have to put in. If the institution finances 70%, for example, the remaining 30% is your responsibility, in addition to the expenses that the operation requires.

With that basis, the bank analyzes your income and defines what installment you can afford. In many institutions, it cannot exceed 25% of that income, so the amount you request is conditioned by that relationship.

Once you have the documentation and know how much you need, you can start the application. The institution takes into account your income, the amount you request, and the conditions of the operation before deciding whether to grant you the loan.

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