{"id":674,"date":"2015-05-22T12:29:23","date_gmt":"2015-05-22T12:29:23","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/10\/02\/youre-self-employed-how-to-be-prepared-to-talk-to-your-mortgage-lender\/"},"modified":"2020-07-13T22:35:05","modified_gmt":"2020-07-13T22:35:05","slug":"self-employed-home-loan","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/self-employed-home-loan\/","title":{"rendered":"How do self employed buyers qualify for a mortgage?"},"content":{"rendered":"<p>Owning a business has lots of advantages, but one of them is usually not easily qualifying for a mortgage.\u00a0 Obtaining a self employed home loan requires more documentation than a salaried employee.\u00a0 But with knowledge and some preparation, qualifying for a mortgage is easier for business owners.<\/p>\n<h2>Self Employed Home Loan Documentation<\/h2>\n<p>Lenders are not able to figure a loan approval without tax return and potentially other documentation.\u00a0 It is not as easy as a salaried employee stating a fixed income.\u00a0 So have the following documentation ready at application for quickest results.\u00a0 These will allow for up-front income calculation.\u00a0 Therefore the self employed buyer will have more confidence in purchasing a home.<\/p>\n<ul>\n<li>2 most recent filed personal tax returns with ALL schedules<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-936 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/05\/self-employed-how-to-prepare-to-talk-to-your-mortgage-lender-300x156.jpg\" alt=\"self employed home loan - how to prepare to talk to your mortgage lender\" width=\"300\" height=\"156\" \/><\/li>\n<li>Last 2 years\u00a0filed business tax returns for any businesses\u00a0with over 25% ownership<\/li>\n<li>K-1&#8217;s for all ownership of businesses <em>no matter the percentage owned<\/em><\/li>\n<li>Filed extension if applicable<\/li>\n<\/ul>\n<p>Additional documentation may help in qualifying for a self employed home loan.\u00a0 These items depend on the actual borrower&#8217;s business and debts.<\/p>\n<ul>\n<li>12 months cancelled checks for any debts reporting on credit but\u00a0are paid by the business directly to the creditor.\u00a0\u00a0This could allow debts to be excluded from a buyer&#8217;s debt ratio.<\/li>\n<li>If an LLC or corporate returns have\u00a0&#8220;mortgages and notes due in less than 1 year&#8221;, provide one of the following:\n<ul>\n<li>Proof that the loan is not due in less than 1 year<\/li>\n<li>Sufficient funds in a business banking account to cover the amount listed<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Keep in mind that in order to use income reported on a tax return, we will need to be able to verify the accuracy of income.\u00a0 This is accomplished\u00a0through tax transcripts with the IRS.\u00a0 So if you are looking to use the most recent year tax returns, make sure that you have filed them with the IRS.\u00a0 Plus,\u00a0lenders need\u00a0sufficient time to receive transcripts from the IRS which can take 2\u00a0&#8211; 8 weeks after filing.\u00a0\u00a0IRS turnaround time depends on the time of year. We actually receive a lot of tax returns that have never been filed which cannot be used since they could be changed.\u00a0\u00a0So make sure your returns turned in are the actual ones filed with the IRS.<\/p>\n<h2>Popular Self Employed Home Loan Application Questions<\/h2>\n<p>In preparation for a mortgage application, it is helpful to know answers to certain self employed type questions.\u00a0 Knowing the answers to these questions allows a knowledgeable loan officer to determine documentation needed for preapproval.<\/p>\n<ul>\n<li>Is the business a sole proprietorship, LLC, SCorp, C Corp, or other?<\/li>\n<li>What is the specific name of the business?<\/li>\n<li>When did you file the most recent tax return?<\/li>\n<li>Do you have a separate bank account for the business?<\/li>\n<li>What percentage of the business do you own?<\/li>\n<li>If an LLC or Corp, what state was the business filed or formed?<\/li>\n<li>Are there any personally guaranteed debts that are paid directly by the business for last 12 months?<\/li>\n<\/ul>\n<h2>Additional Self Employed Tips<\/h2>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/self-employed-mortgage\/\" target=\"_blank\" rel=\"noopener noreferrer\">Self employed loans are more obtainable than you think<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/04\/08\/tax-return-issues-that-can-cause-delays-or-denials-when-buying-a-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tax return issues that can cause a delay in closing<\/a><\/li>\n<\/ul>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owning a business has lots of advantages, but one of them is usually not easily qualifying for a mortgage.\u00a0 Obtaining a self employed home loan requires more documentation than a salaried employee.\u00a0 But with knowledge and some preparation, qualifying for a mortgage is easier for business owners. Self Employed Home Loan Documentation Lenders are not [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,88,40],"tags":[218,161,93,10,219,162,220,221,222,223,163],"class_list":["post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frequently-asked-questions","category-general-info","category-tips","tag-218","tag-business-owners","tag-debt-ratio","tag-homebuyers","tag-mortgage-for-self-employed","tag-self-employed","tag-self-employed-documentation","tag-self-employed-home-loan","tag-self-employed-mortgage","tag-self-employed-mortgage-lender","tag-tax-returns"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Self Employed Home Loan Is Easier By Gathering the Following Documentation<\/title>\n<meta name=\"description\" content=\"Self employed home loan is a popular pain for business owners. We understand business owners and provide helpful tips for buying a home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/self-employed-home-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Employed Home Loan Is Easier By Gathering the Following Documentation\" \/>\n<meta property=\"og:description\" content=\"Self employed home loan is a popular pain for business owners. 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