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what documents and paperwork do I need to apply for a mortgage?

I have been self employed and I don't have W2 forms, what do I need to turn in when I apply for a mortgage? by darrelmpasser99 from Minneapolis, Minnesota. Jan 31st 2011 Reply


Nick Kelvie (nkelvie)
#6 ranked lender in Minnesota - 1 contribution

If your self employed here is a list of what you will need.1.) Last two years tax returns. (business and personal)2.) Last two months bank statements (business and personal)3.) Business license, or proof of Tax ID #4.) 2 year rental history (we order a verification from your landlord)5.) Copy of DL and SS card6.) Good credit - Min credit score 660If you can put all that together and give me a call @ 952-882-0040 I can assign one of my top loan officers to you and they can work up a pre-approval for you. You can check us out online at www.UnitedFidelity.net or you can call the number above and ask to speak to a loan officer about getting pre-approved. Let me know if you have any other questions.Sincerely,Nick KelvieBranch ManagerUnited Fidelity FundingNick@UnitedFidelity.net

Jan 31st 2011
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Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 109 contributions

Lenders are generally looking for the same thing for every borrower: CREDIT, INCOME and PROOF OF SEASONED ASSETS. As a self employed person the income that the u/w will look at will be the "taxable" income and your MLO (mortgage loan originator) should complete a SELF EMPLOYED INCOME ANALYSIS for you as that is required to be in the file. I'd recommend asking the MLO you meet to go through that with you. Being Self Employed you'll need these items:1. Your personal and business Federal Tax returns for the last 2 yrs2. A "year to date" profit and loss statement (from your CPA or Quickbooks printout... signed and dated)3. Evidence of liquid and/or semi-liquid assets 2 months of COMPLETE Statements4. Legible copy of a Photo ID5. more documents will be requested but this is the start.

Jan 31st 2011
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Steve Conklin (satorimortgage)
#5 ranked lender in Minnesota - 4 contributions

Also, you will be qualified on your net profit of your business for two years. So if you make 100k per year, but write off 60k, then your net profit is 40k. 40k is the number which the u/w will use as proof of your income. If your tax returns show no profit or a loss, then you're going to have a hard time qualifying for a home loan. You only need a FICO of 600 to qualify for a mortgage.

Jan 31st 2011
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 225 contributions

All answers are correct, but I will tell you if over the last 2 yrs you have shown a loss on your returns, don't waste your time, you will not be not be able to get a loan. Good luck!

Jan 31st 2011
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