How is qualifying for self-employed and payroll/dividends handled?Hi all, I am looking for some information and advice. I am looking to get an FHA loan for a home (due to Ch. 7 BK 34 months ago I can't get a conventional loan). We own our own business (50/50 share holders) however the loan will be just in my name). How is income calculated in a sitatation like this? We take payroll as a lump sum monthly (and do W-2s at the end of the year) and dividends throughout the year. Is this divided 50/50 since we are equal share owners or can it be divided 70/30 etc for example? For the payroll, if we took $40,000 total as payroll, can I say I made $30,000 and my husband $10,000? The home is a new build so it wouldn't be ready until next year which means we will use 2012 taxes and 2011 taxes for qualifying I am thinking. We would first need to get pre-qualifyed for the loan, is that the same process as getting the final loan and so, will they look at 2011 and 2010 plus P&L for 2012?November 08 2012 - Phoenix00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.