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Jason Hagen President MSI Lending of Lexington Phone: (859)253-5363 Fax: (859)252-0929 License: 6151 jhagen@msilending.com https://www.msilending.com/jasonhagen/get-a-quote |
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October 2020
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How To Get a Mortgage If You Are Self-Employed Typically, lenders prefer to see a minimum of 2 years of tax returns along with bank statements, how long youve been in that field, year-to-date profit and loss, and other assets which provide them with the income stability and consistency they are looking for. They will also look at the type of business (S-Corp, LLC, Inc, Partnership, etc.), its financial strength, demand for product/service, and future outlook. However, income stability and consistency are two factors that stand out with self-employed applicants. Exceptions do exist. There is a big difference between a borrower who is self-employed for one year and in the same field of work for many years, compared to the borrower who is self-employed for one year in a new field of work. For example:
If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine. Sources: Mortgage Market Guide | ||||||||||||||||||||||||||||||
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