How To Get A Mortgage When Self-Employed.
Did you tell your 9-to-5 boss to go kick the can during the pandemic and now you're self-employed?
Well first of all, congrats on the new freedom you've found now that you're (hopefully) no longer tied to a desk. The financial and time freedom feel amazing, right?
Now you've probably learned by now that there are a *few* pitfalls to working for yourself. One of them is that it takes a bit more effort to qualify for a mortgage.
Here's what you're going to need to qualify for a mortgage
2 years of personal and business tax returns
Year-to-date profit and loss statement
Personal and business bank statements
Tax ID number, your SSN, & your drivers license
Now I'll connect you with a lender who can go in-depth on all of this with you.
However, I do want to say that most lenders *really* care about income stability. They're going to likely require at least 2 years of steady self-employment income in order to get you approved for a mortgage.
This may mean that for the next year or two, you need to not write off all those I can pass this off as a business expense items off on your taxes. Yes, you'll pay more in taxes for a hot minute, but you'll also be able to ditch your landlord and finally get your dream home.