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Jordan | How do you prove to the bank that you are self employed in order to get a loan or mortgage ? |
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Skip
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The more accurate way to prove that you are self-employed is to have at least 2 years of federal tax returns available for your loan officer at the bank. The only problem with the tax returns is that you don't want to pay an enormous amount of taxes so you have your CPA deduct everything possible thus appearing as if you do not earn that a tremendous amount of money.
A sharp smart loan officer will know there are certain things that can be added back to the borrower off his income tax, like insurance and a few other things.
If you are in business for yourself you would also have a city business license from the city in which you are working, even if you are working from home, most cities require you to have a business license.
Where most self-employed individuals error is in the banking department. You mingle your business funds with your personal account, therefore it becomes difficult to prove what funds were generated from business and what were generated from another source. So even if you submit bank statements it is still confusing to the banker.
If you fail to get a loan from your bank go to a mortgage "Broker" he can get you a very good loan and use alternative documentation for proof of self-employment. The price will be very nominal if anything at all.
I hope this has been of some use to you, Good luck.
"FIGHT ON" |
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Monika Lewinskeeze
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Tax Return papers of previous years, and bank statements where they can see the money that comes in. |
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~blessss♫☼ ♪♥ ☼ ♠♫ ♣☺☻
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I suggest you bring copies of invoice receipts from clients with you for your appointment. |
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Jigyasu Prani
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What matter to bank is your net worth and income you get regularly. Though it is not difficult to prove net wroth but regular income in case of self employed always seen with caution by bankers. So to prove that you have to show your bank statement where you are getting your income/ receipt check/ cash deposited and second thing they will be looking for your regular saving which you can show by cash flow statement where increase balance will prove your point. Some other supplemental proof which can help is your customers to people you supply to, they can give letter in this effect that how much they are paying regularly for services provided to them. |
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the01animal
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your 1040 will do or a financil stement of quarterly earnings. if u r trying to prove to the bank that u r self employed u must have a legitimate taxable incom if u dont u r not self employed u r breaking the law is how the bank looks at it and u could be put out of business on any given day |
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ongchhh
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credit card bills, bank statements or annual tax returns. |
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ggrotke
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Take them photocopies of your income tax returns for the last several years, which should show the income you are claiming on the loan application. If your business is really doing well, then you will probably also have monthly Profit & Loss statements from an accountant (or your own accounting program). Again, these numbers should agree with the income you claim on the loan application.
Please do not even consider fudging the numbers. People have been convicted of fraud and gone to prison for filing false information on federally-insured or subsidized loan applications. |
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Tim
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Your SIGNED federal tax return is sufficient. It will list your TIN as well as your taxable income. |
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