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Answers (6)
- Auria Roman, "MNS.net.aroman"
- Contributions:87
it looks like you can do it either way w2's or tax reurns and or both past 2 yrs- Call me if you have any questions. You can click on my picture for details
- Allen Mische, "Allen Mische"
- Contributions:33
You will have to provide the personal federal tax returns (with all schedules), recent paystubs, and W2s. If your self-employment is showing a loss on your tax return, then all lenders/underwriters will count this against your monthly income. It would be considered misrepresentation to not disclose the self-employment.
- Maria Morton, "MariaMorton"
- Contributions:716
No, you are not going to run into problems. The mortgagee will want tax records for the last two years and maybe paystubs for the last 2 or 3 paychecks, your SSN's, proof of identity (driver's license), and current contact information. You would only need proof of income from the business if you were going to use that as basis for the mortgage.
With 3.5% you will be able to go FHA, conventional would require 20%. Good luck in your new home!
- Doug Hutchins, "90 day rate locks"
- Contributions:721
As long as the regular salary is enough to qualify you for the loan: go for it and good luck/best wishes on the purchase
- Andrew Adams, "203K Specialist"
- Contributions:9349
No issues.
- Phil Goldberg, "philgoldberg1"
- Contributions:5
Mortgage approval if salaries full time but self employed part time as well?
We don't want this income to even count as income for how much of a loan we can get. We want a mortgage based off what we can afford with just his full time job.
Are we going to run into problems getting approved for a loan? I just worry about the documentation aspect of it and what they would want as proof.
BTW, excellent credit, zero debt, 3.5% downpayment and long employment history.
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