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home loan qualifications and the self employed
Posted on 12/9/12 at 6:30 pm
Posted on 12/9/12 at 6:30 pm
can anyone tell me about the qualifications for the self employed person wanting to get a new mortgage.
my wife is a teacher and i have been self employed for right at 2 years and we want to upgrade to a bigger house maybe with a baby on the way, but im concerned about my position and what we will need paperwork wise to qualify for a new homeloan. We currently own a home FWIW.
my wife is a teacher and i have been self employed for right at 2 years and we want to upgrade to a bigger house maybe with a baby on the way, but im concerned about my position and what we will need paperwork wise to qualify for a new homeloan. We currently own a home FWIW.
5
Posted on 12/9/12 at 7:12 pm to gsvar2004
Tax returns with your Schedule C for 3 years or so most likely.
Posted on 12/10/12 at 6:36 am to gsvar2004
You will need to prove self-employed income for 2 years, so it sounds like you picked the right time, although you might have to wait until you file 2012 taxes. Depends on how much of a stickler your lender is.
Posted on 12/10/12 at 8:04 am to gsvar2004
It's been awhile but I believe they're going to be looking at AGI for a self-employed borrower. If you write off a boatload of your income you won't be getting it back to qualify for the loan.
Posted on 12/10/12 at 9:13 am to gsvar2004
being self employed, the lenders want to see 2 yrs complete tax returns, personal and business plus any schedules on your returns.the lender will average out your income for last 2 yrs,
most important question, do you show losses on your returns??
most important question, do you show losses on your returns??
Posted on 12/12/12 at 10:49 am to gsvar2004
Always been one of the disadvantages of being self-employed
With all of the good things you can do with depreciation, expenses, accrual accounting etc. - the downside is if you show too little income on your tax return you may have a difficult time obtaining a loan.
Catch-22 it seems in a way
With all of the good things you can do with depreciation, expenses, accrual accounting etc. - the downside is if you show too little income on your tax return you may have a difficult time obtaining a loan.
Catch-22 it seems in a way
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