Where Self-Employed Mortgage Borrowers Are Most Common in the US — and What SA Freelancers Can Learn

Our take

This is a US-focused piece, but it surfaces a challenge that is very real for South African freelancers, gig workers, and small-business owners trying to access home finance. Local banks still lean heavily on payslips and two years of assessed tax returns when evaluating bond applications — leaving a growing segment of the workforce underserved. For SA buyers who are self-employed, the practical takeaways are familiar: SARS-assessed returns, audited financials, and six to twelve months of business bank statements are your best friends when approaching a bond originator. Some SA lenders — and specialist originators like ooba or BetterBond — do offer more flexible income-verification processes, though interest rate premiums and larger deposit requirements (often 20% or more) are common. Landlords and buy-to-let investors should also note the trend: as more South Africans move into freelance and gig-economy work, tenant income verification becomes more nuanced. Rental Housing Act obligations still apply, but screening tools that look at bank-statement cash flow rather than payslips alone are increasingly sensible. The broader signal — that non-traditional employment is growing — is as true in Cape Town and Johannesburg as it is in Vermont. SA property professionals who adapt their processes accordingly will serve a larger, underserved market.