Tips On Obtaining Mortgage When Self Employed?
I am in the process of trying to obtain a mortgage for a new home, not as a turn around but for the family, I have been self employed over 10 years, no W2's just tax returns, anyone who can give me solid info regarding a mortgage company policy regarding these types of mortgages would greatly help.... thanks in advance!
As long as you got your tax returns (profit & loss statement) and Bank statements you should have no problem.
Brandon
Hopefully your business is set up properly and you have been filing your taxes including your business income for the last few years. Most companies will require at least 2 years completed income tax returns and in some cases an additional CPA letter confirming that the CPA has been doing your taxes for X number of years. One of my clients signed his loan closing papers yesterday but prior to closing the lender required the CPA letter. If you have good records, you should have no problem. Good luck finding a good and knowledgeable mortgage broker.
I've done several with just Bank Statements. You shoudln't have a problem since you have been self employed for so long.
Thanks for all the replies I will let you know how it turns out.. I am working with a broker in PA where it is located He seems to know what he is doing. I plan to do more than usual like putting a large down payment I was told that banks look more favorably on this.. am trying to get the credit score over 600... thanks again.. looking forward to learning from everyone out there...
24 months bank statements can serve as your income or go stated income, when your self employed, you can still getn a loan just not from fannie mae