SELF-EMPLOYED HOMEBUYERS
SELF-EMPLOYED HOMEBUYERS
6/14/2023Being an entrepreneur shouldn’t stop you from owning a home.
Generally speaking, an individual is considered to be self-employed if they own 25% or more of a business or if they are paid via 1099s from a company or companies instead of via a W2. This can pose a challenge for lenders, as the borrower’s true income is not easily verified and consistent as a traditional employee of a corporate employer.
To account for this, we ask that borrowers provide a year-to-date profit and loss statement along with two years’ worth of complete personal and business tax returns. There may be additional documentation required to process your mortgage loan application. It is recommended that self-employed homebuyers carefully document their financial transactions well before deciding to buy a home. Our experienced loan officers stand ready to answer your questions and guide you through each step of the process, all the way home.
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