If you have good enough credit, sometimes the lender wont ask for income verification. In these cases, a simple letter from your CPA stating how long youve been in business can be all you need. Every lender has their own rules, so check with your loan officer to find out your options.

For individuals wanting to qualify for a mortgage with a self-employed status, the first step is to see if you are able to provide "full documentation" for your income. The items you will want to have to qualify for full documentation are, but not limited to:

-Copies of your Federal income tax returns for the past two years, including all schedules and K-1s.
-Most recent Year-To-Date Profit and Loss Statement signed and dated.
-If you own 25% or more of a corporation, include copies of the Corporation tax returns for the past two years.
-If you are in a partnership, provide partnership tax returns including all schedules for the past two years.

If you can qualify for the full documentation loan, you will surely receive better interest rates from the loan program that you choose.

This is one of the 2 situations(the other being an automobile purchase) where creative accounting and writing off everything under the sun can hurt you...Don't fret, the lenders offer many ways for you to document what you may think unverifiable income...
- CPA letter
- P&L statements
- bank statements!
And maybe if you're score is high enough, no proof at all..

 

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