As a business owner, there are years you do well, and years you don't. It's frustrating that a bad year two years ago can haunt you and prevent lenders from approving your loan. You see, most lenders require two years tax returns for business owners and contractors, and they average the two years income. This is a problem if only your most recent year shows well, or you decided to amend your most recent tax return to reflect a higher income. Well, the good news is, there is an option designed for you. It is possible to qualify for a mortgage with just one year tax returns. Here's what you will need:
* Loan amount up to conventional limit
* 5% down payment
* 680 FICO score or greater
* One year tax returns
* Business license or CPA letter showing at least two years self employment
* Two months bank statements and copy of driver's license
Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.