Mortgages for Self Employed?
I currently have a 50% shared ownership apartment. However, I am looking to sell my apartment and my partner and I are looking to buy our first house. He is self employed but I wanted to know if someone self employed can get a mortgage?
- LandlordLv 71 decade agoFavourite answer
Not a problem, about 25% of the employed in America are self employed. He just submits his last 2 income tax returns as proof of income. The banks deal with this every day, it is not a big deal.
- golferwhoworksLv 71 decade ago
yes it can be done but the biggest thing with most self employed is they write down their income to very little in order to avoid the IRS. When so doing they hurt their buying power for a home. They may qualify for way less house if they had just paid their taxes with a lot less write offs
- Beverly SLv 71 decade ago
Yes, we need 2 years tax returns & we use the adjusted gross income (after expenses) so he needs a 2 years history of self employment. You should get pre-qualified to make sure income showing is enough.Source(s): 24 years mortgage lender
- apodaceLv 44 years ago
instruct your 1040s and your deposits presently. you're allowed to enhance your earnings! yet for applications of a private loan, they are greater attracted to long term earnings than a speedy uptick. What is going up can circulate down. So, they're going to make the call on your previous 2 years earnings statements yet may well be inspired that your organization is exhibiting an upward style.
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- pearlmarLv 71 decade ago
Yes you can. Lenders generally ask for proof of income for at least 3 years prior to the time the mortgage is applied for.Source(s): RE Broker