Would I Qualifiy For a Loan? I am Self Employed.

category: Q & A Mortgages

Would I Qualifiy For a Loan? I am Self Employed. 0

This is unfortunately the way self employed borrowers must ask this question because of the underwriting standards and the box us lenders put them into. This is always a very complicated process for them to be approved but here is some simple ways to find out if a self employed borrower has a chance.

1. Have you been self employed for 2 years?

2. What is your bottom line on your tax returns? (lenders will add back in some depreciation BUT if a borrower writes off a lot on their taxes then lenders will look at the same for income.)

3. Does your business have a license and can we have a third party like a CPA verify your past 2 years work?

4. The rest is your credit, and do you have money (assets).

There is definitely a lot more involved, but at least the above can help get a person started. Looking for any more comments on this and see if there is anything else people have ran into.

Have a wonderful time in this 2010!!!