Many of our clients over the years have been self employed, and it can be a challenge when it comes time for financing.  The paperwork needed and the time delay has added a lot of stress to the escrow process, and many deals have gone down to the last second, and that's not the way to enjoy buying real estate at the Lake of the Ozarks.  The most frustrating part is that it is no fault of the agent, the seller, even the local loan officer, but rather an unnamed underwriter somewhere in the U.S. that can care less what your deadlines or closing dates are. 

Many lending institutions offer stated income/stated asset home equity programs that can provide a faster alternative with a lot less documentation for the self employed.  The program allows you to access up to 100% of available equity to purchase a second home or investment property, and this can be very convenient for self employed and seasonal or commissioned individuals.  You also don’t need a trunk full of pay stubs and tax returns.  Since this financing is secured by real estate, you should be able to deduct the mortgage interest up 1 million dollars.  Don't forget this possibility when considering vacation or investment property.  With the price appreciation we have been seeing in this market, you can always consider refinancing when  the time constrains of closing an escrow are not hanging over your head.  That might also be a good time to look at doing a remodel project and a “cash out” refi to accomplish your goals.