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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.
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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