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Paul and Sarah Scheper Father-Daughter Team MBA, CSA, CRMP, SRES, EIEIO Phone: 800-662-6784 Blog: www.LoangevityMortgage.com License: NMLS #110538 PaulScheper@Live.com www.SarahScheper.TV |
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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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