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I am self employed, how should I show proof of income?

1st time home buyer, co-borrow is a w-2, 20%down by wilsonb582 from Cochran, Idaho. Mar 26th 2018 Reply


Kerry Greenwald (kerry@creeksidem.com)
#98 ranked lender in Washington - 21 contributions

We would your last 2 years Federal Taxes with all schedules to start. How long have you been self-employed?

Mar 26th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

There's only one way for all conforming loan products.. we need the most recent filed federal tax returns, all pages and all schedules.. The biggest problem with S/E borrowers is that for qualifying income, we will look at line 21 of your 1040... If your business shows a loss, then that loss will be deducted from any other type of income (including co-borrower's w2 income).. You could bring in $1M a year, but if you write of 99%, then you would only show $10K for income.. but realistically, you need to reach out to a qualified mortgage professional and let them look at your complete loan profile.. once they have see all the required documentation, they can advise you as to how much of a loan you will qualify for.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 26th 2018
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