Frequently Asked Questions

How will you verify income on a self-employed applicant?

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, if you have had this business for over 5 years, we can argue a one-year analysis and only require your most recent return.

We’ll review and average the net income from self-employment that’s reported on your tax returns to determine the income that can be used to qualify. We won’t be able to consider any income that hasn’t been reported as such on your tax returns.

Minimally, the self-employed business has to be operating two years for self-employment income to be considered. If you have history in the field of work, but have only had your business open for one year, this can possibly be considered.

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