Mortgages for Truck Drivers: How to Buy a Home as a Truck Driver

For many truck drivers, the dream of owning a home runs into a roadblock the moment they start the mortgage process. Variable pay, confusing employment classifications, and lenders who struggle to understand trucking industry income can make getting approved feel like an uphill battle.

It’s not just frustrating, it can feel unfair. You work long hours, sometimes weeks away from home, yet when you finally want to put down roots, the system seems built for 9-to-5 employees with predictable paycheques. Missed opportunities, rejected applications, and confusing requirements can leave you stuck renting or living in temporary arrangements, even if you’ve got the discipline and income to handle a mortgage.

The good news? Truck drivers can get approved for a mortgage, and even if traditional financing isn’t possible right now, there are proven alternatives, like rent-to-own programs from providers such as Requity Homes, that can help you get into a home sooner while you work on your mortgage eligibility.

In this guide, we’ll cover everything you need to know, from the mortgage options available to truck drivers to how rent-to-own can fast-track your path to owning a home.

Key takeaways:

Truck drivers can qualify for mortgages even with variable or non-traditional income structures.
Strong documentation—tax returns, pay stubs, bank statements—and proactive credit management significantly improve approval chances.
Lenders evaluate employment stability, so maintaining consistent work history in trucking can strengthen your application.
Alternative financing routes, such as bank-statement loans or stated-income programs, may be useful stepping stones toward a traditional mortgage.
Rent-to-own options, like those offered by Requity Homes, can help you move into a home now while you work on meeting mortgage requirements.

Understanding mortgage challenges for truck drivers

1. Income variability

Truck drivers often earn through mileage pay, contracts, or per diem structures—leading to income fluctuations month to month. Lenders typically favour stability, so variance can trigger denials or higher interest rates.

Tip: Keep year-to-date income summaries and annual comparisons. For example, compare your last 12 months of income to the previous year in a spreadsheet to show consistency or growth.

2. Employment classification: W-2 vs contractor

W-2, company-employed drivers may find it easier. Regular pay stubs and tax forms help assure lenders.
Self-employed or contract driver income is less straightforward. Lenders then require tax returns, Notices of Assessment (NoA), and possibly profit-and-loss statements.

Example: If you drove for a carrier one year then switched to contract next year, supply both W-2s and 2 years of tax returns to demonstrate income continuity.

3. Credit score and payment history

A strong credit history is often the most visible factor. Scores above 620–640 unlock more mortgage programs, while lower scores demand more documentation or higher down payments.

Tip: Pay at least the minimum on debt consistently and avoid applying for new credit six months before applying for a mortgage.

4. At-job-time and employment stability

Lenders look for at least two years in the same profession or steady contracts. Frequent job changes may raise red flags.

Tip: Keep trip logs and contracts showing continued work, even between jobs or contracts, to signal stability.

Best mortgage options available to truck drivers

1. Traditional mortgages (for W-2 drivers)

For company-employed truck drivers who receive a regular salary or hourly wage, a traditional mortgage is usually the most straightforward route. Lenders view W-2 income as predictable and easy to verify, which can make the approval process faster.

Pros:

Predictable income is easier for lenders to assess
Less documentation required compared to self-employed applicants
Access to the most competitive interest rates and terms

Cons:

Still harder to qualify if your hours or routes cause significant fluctuations in pay
Seasonal or part-time routes may reduce the income lenders will use to qualify you

Typical requirements:

Recent pay stubs (usually last two)
T4 forms (Canada) or W-2s (U.S.) from the previous two years
Year-to-date earnings statement
Credit report
Proof of down payment and source of funds

Tip for W-2 drivers: If you have seasonal variations in pay, provide your lender with at least 12 months of pay stubs to show annual stability.

2. Mortgages for self-employed truck drivers

Self-employed mortgages, including owner-operators and contract drivers, can absolutely get approved for a mortgage, but the process requires more thorough documentation. Lenders need to see that your income is consistent and sustainable over time.

Typical requirements:

Two years of complete, filed tax returns
Notices of Assessment (NOAs) for both years
Year-to-date profit-and-loss statement
Bank statements (business and personal) showing consistent deposits
Evidence of active contracts or freight/log earnings

Why gross income matters: Many programs assess gross income and may allow “add-backs” such as vehicle depreciation, fuel, and other non-cash expenses, which can increase your qualifying amount. Even if your net income looks smaller on paper, a good mortgage broker can help present your case using these add-backs.

Tip for self-employed drivers: Keep personal and business finances separate. Having clean, organised financial records makes you more credible to lenders and can speed up approval.

3. Alternative lending options for truck drivers

If you do not meet the requirements for a traditional or self-employed mortgage, whether due to short work history, credit challenges, or gaps in income, there are alternative financing paths:

Stated income loans (“doc-light”): You declare your income, and the lender verifies it in a simplified way. These come with higher interest rates and may require a larger down payment.
Bank-statement loans: Instead of tax returns, lenders review 6–24 months of bank deposits to determine your average monthly income. This is ideal if your taxable income looks low due to business deductions.
Private lenders: Private lenders are more flexible with credit and income requirements but charge higher interest rates and may require 20% or more as a down payment.
Rent-to-own homes: With rent-to-own homes, you can choose your home now, move in, and have part of your rent credited toward a future down payment while you work on credit, income, or documentation requirements. This is especially useful for truck drivers who want stability today while preparing to qualify for a mortgage tomorrow.

When to use alternative lenders: They can be a short-term solution while you repair your credit, build your income history, or gather the documents needed for a conventional loan. Once your profile improves, you can refinance into a lower-rate traditional mortgage.

Tip for alternative lending: Always calculate the full cost of borrowing, including fees and penalties, and have a clear plan to transition to a traditional mortgage within a set timeframe.

Rent-to-own homes for truck drivers

As we have seen, rent-to-own can be a practical and effective path to homeownership for truck drivers. It allows you to move into a home now while applying a portion of your monthly rent toward the future purchase price. Leading rent-to-own programs like Requity Homes specialise in helping renters transition into ownership, offering clear timelines, fixed buyback prices, and guidance every step of the way so you are working toward owning your home rather than renting indefinitely.

How rent-to-own works for truck drivers

Here's how rent-to-own agreements work in Canada:

You sign a lease with an option to purchase the home at a pre-agreed price.
A portion of each month’s rent (rent credit) builds equity toward the eventual purchase.
Purchase timelines often range 1–5 years.

Benefits of rent-to-own homes for truck drivers

Income flexibility: Good when income varies—less immediate proof of full mortgage qualification is needed.
Credit building: Time to improve score and payment history.
Equity accumulation: Your rent investments help toward ownership.
Test-drive your home and neighbourhood: You live there while preparing to buy.

Example: You rent a home for $1,800/month with $300/month credited to a future purchase. After 24 months, you accrue $7,200 in equity, applied once you qualify for a mortgage.

Read more about the benefits of rent-to-own houses

Rent-to-own home programs for truck drivers

Requity Homes specialises in rent-to-own programs, with transparent contracts, clear timelines, and guidance for clients to qualify for a mortgage by purchase time.

How to improve mortgage approval chances as a truck driver

Strengthen your credit

Settle any outstanding collections.
Automate at least minimum payments.
Avoid opening new credit lines in the short term.
Check your credit report for errors; dispute inaccuracies promptly.

Boost your down payment savings

Aim for 5–20% of home price to secure better rates and avoid mortgage insurance (depending on program).
Set aside spare cash from per diem, bonuses, or overtime.

Reduce debt load

Reduce credit-card balances, pay off high-interest loans, and improve your debt-to-income ratio (DTI)—lenders often set 43% or lower as ideal.

Document income thoroughly

Maintain tax returns, NOAs, pay stubs, contracts, bank statements, and trip logs.
Keep a spreadsheet of earnings per route/month; it shows clarity.
For self-employed drivers, log business expenses separately—not mingled with personal expenses.

Documentation tips for truck drivers applying for a mortgage

Company-employed (W-2) drivers

Required:

Last two pay stubs.
Year-to-date earnings statement.
T4s (or equivalent summarizing annual income).
Tax returns and NOAs for self-employed seasons.

Self-employed/contract drivers

Required:

Two years of full tax returns.
NOAs for both years.
Business bank statements.
Freight/log income records.
Profit & loss summaries if applicable.

Example: If your tax return shows lower “net” due to vehicle depreciation, lenders may add back depreciation and auto expenses to assess income more favourably.

Working with the right mortgage professionals

Mortgage brokers experienced with trucking industry

Seek brokers who:

Understand variable income and self-employed earnings.
Can match you with lenders who accept per diem, mileage, or log-based incomes.

Specialized lenders

Some credit unions or local lenders may offer flexible underwriting for self-employed drivers.

Watch for red flags in lending

Promises of “no documentation” or guaranteed approval often signal predatory programs.
Excessively high rates, hidden fees, or aggressive sales tactics are warning signs.

Common mistakes truck drivers make when applying for a mortgage

Not reporting all income: Per diem, bonuses, and mileage-based pay should be accounted for.
Applying too soon after employment changes: Lenders prefer stable income history.
Delaying credit repair until after applying: Instead, rebuild before applying.
Ignoring documentation gaps: Better to double-check requirements and gather early.
Skipping mortgage pre-approval: A pre-approval helps target realistic price ranges and improves negotiating power.

How rent-to-own can fast-track homeownership for truck drivers

Traditional mortgage loans can be tough for truck drivers due to income variability, contractor status, or documentation gaps. Rent-to-own programs like Requity Homes make it possible to move into a home now while you work on credit, savings, and mortgage eligibility. You choose the home, Requity buys it for you, and part of your monthly payment goes toward your future down payment.

Next steps to get started with Requity Homes:

Pre-qualify online in under 24 hours with no credit impact.
Get approved and confirm your home shopping budget.
Browse rent-to-own homes in Canada from eligible properties in Ontario, Alberta, Saskatchewan, or Manitoba.
Move in and save with a portion of rent credited toward your down payment.
Buy when ready at a guaranteed purchase price, or walk away with your savings.

Ready to start your path towards homeownership? Pre-quality for rent-to-own with Requity Homes - it takes only a few minutes to get started!

Frequently asked questions (FAQs) about truck driver mortgages

Can I get a mortgage with one year of self-employment?

Yes, some lenders have programs for borrowers with only 12 months of self-employment, but they are more selective and may require strong credit, a larger down payment, or additional supporting documents such as contracts and bank statements. Most mainstream mortgage products still prefer two full years of tax returns because it gives them a clearer picture of income stability. If you only have one year of self-employment, consider working with a mortgage broker who has access to alternative lenders, or explore a rent-to-own option while you build a longer track record.

How does fluctuating income affect mortgage applications?

Lenders typically average your income over the last 12 to 24 months, rather than looking at your best months in isolation. If your earnings show a steady or upward trend, this works in your favour. However, significant drops from one year to the next can lower your qualifying amount. For truck drivers, keeping detailed income records—including per diem, bonuses, and seasonal work—helps present a complete and consistent financial picture. A well-organised income summary can sometimes offset lender concerns about variability.

Do lenders accept per diem pay as income?

Yes, per diem can count toward your qualifying income, but only if it is consistent and documented. Lenders may want to see several months of pay stubs, deposit records, or official income statements showing that per diem is a regular part of your compensation. If per diem is paid in cash, make sure it is deposited into your account regularly so it is visible in your bank statements—undocumented cash earnings are rarely accepted.

Are there mortgage programs for new truck drivers?

While there are no major programs created specifically for new truck drivers, some lenders do offer products for individuals with limited time in their current role, especially if they have prior experience in related fields or a strong overall financial profile. For new self-employed drivers, programs for recently self-employed workers can apply, but they usually require higher down payments (10–20%) and stronger credit. If you have less than a year of documented income, a rent-to-own arrangement can give you the time you need to build eligibility while already living in your future home.

Can I buy a house in one province while working in another?

Yes, it is possible, but lenders will examine where your primary residence will be. If you plan to buy in a province where you do not currently live, they may require you to provide a valid reason (such as moving for work or family) and may classify it as a second home or investment property, which can require a larger down payment. If you run long-haul routes across multiple provinces, be prepared to explain your work schedule and residence plans clearly to your lender.

Is rent-to-own a good option for truck drivers?

Yes, it can be an excellent option for drivers who have solid income but face hurdles with credit, employment history, or documentation. A program like Requity Homes allows you to move into your chosen home now while you save for a down payment and work on qualifying for a mortgage. You lock in the purchase price in advance, build equity through monthly savings, and avoid the uncertainty of traditional rentals. For many truck drivers, this can mean owning a home years sooner than waiting until they meet all mortgage requirements.