[quote=joec]Anyone know someone who is proficient with self-employed folks? We have some other debt that we need to work down first, but all these low rates seem to be tough to attain unless you are very cookie cutter in terms of w2/income/debt/job/reserves.[/quote]
See post above,, it has to do with guidelines.
Rates are the same for self employed vs. wage earner as long as you qualify.
For self employed it requires 1 or 2 years federal tax returns, depending on the lender AND proof that
you are still active. There are always potential complications. If you own a corporation they need corp tax returns also.
***You may not need to pay down debt. They don’t care how much you owe total, usually it just the minimum monthly payment obligation on a credit report that is crucial.
Unless you were told BY SOMEONE WHO KNOWS that you need to pay off the debt, do not assume that will make it any easier for you to qualify, and may not be necessary.
There are many other complications with loan approvals that have NOTHING TO DO with income, credit score, equity, assets, etc.
