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Home › Forums › Closed Forums › Buying and Selling RE › Find out how much loan I qualify for
Talk to an experienced loan officer not someone sitting at a desk at a local bank or credit union. They don’t know what they’re doing
I’ve never had issues as the sole owner of an S corp with W-2 salary + k-1 profit and a physical office and employees. As you get less official, it gets a little harder.
A few online deep discount places don’t take self employment income, but they are the exception. My last mortgage was with Sebonic and they had the lowest rate on the Internet and no penalty for self employment.
It seems like they will base your income on your last two tax returns and your YTD current monthly income.
A local mortgage broker can get you a prequalification letter to use when you make offers on properties. Might be the best route, and certainly the easiest.
Covid19 has added some extra conditions for self employed.
I’m a mortgage broker who can explain what’s going on and help you figure out what you may qualify for.
I’ll send you a message.
If income has been affected by Covid, previous tax returns don’t mean as much as they used to.
In some cases only 1 year tax returns are needed but you will probably need to provide YTD P&L with bank statements.
Many self employed who have been affected this year cannot qualify at the moment.
Having an office and employees doesn’t make it any easier or more official.