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| *Loan,banking and credit>>>mortgage loan |
How do you prove to the bank that you are self employed in order to get a loan or mortgage ? |
How do you prove to the bank that you are self employed in order to get a loan or mortgage ? The more accurate way to prove that you are self-employed is to have at least 2 years of federal tax returns available for your loan officer at the bank. The only problem with the tax returns is that you don't want to pay an enormous amount of taxes so you have your CPA deduct everything possible thus appearing as if you do not earn that a tremendous amount of money. A sharp smart loan officer will know there are certain things that can be added back to the borrower off his income tax, like insurance and a few other things. If you are in business for yourself you would also have a city business license from the city in which you are working, even if you are working from home, most cities require you to have a business license. Where most self-employed individuals error is in the banking department. You mingle your business funds with your personal account, therefore it becomes difficult to prove what funds were generated from business and what were generated from another source. So even if you submit bank statements it is still confusing to the banker. If you fail to get a loan from your bank go to a mortgage "Broker" he can get you a very good loan and use alternative documentation for proof of self-employment. The price will be very nominal if anything at all. I hope this has been of some use to you, Good luck. "FIGHT ON" Tax Return papers of previous years, and bank statements where they can see the money that comes in. Modified 11 months ago credit card bills, bank statements or annual tax returns. Modified 11 months ago I suggest you bring copies of invoice receipts from clients with you for your appointment. your 1040 will do or a financil stement of quarterly earnings. if u r trying to prove to the bank that u r self employed u must have a legitimate taxable incom if u dont u r not self employed u r breaking the law is how the bank looks at it and u could be put out of business on any given day |
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