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What are the requirements for self-employed individuals or LLC owners to get approved to buy a home? (60 second answer)
SELF EMPLOYED People — I love working with y’all !!!
I have helped several Small Business Owners purchase homes and investment property and I would love to guide you to your goals as well.
To buy a home, you will need the following:
- Most recent 2 years of tax returns filed in which you reported self employed income.**
- A simple version of a Profit and Loss statement for the current year***
**You don’t have to file “business taxes.” This is about your personal tax return and what income sources you applied to it. You can also have a mix of W2 and self employed income without issue.
*** I have a template for a Profit and Loss Statement that you can use to create one in less than an hour.
What happens if you don’t have these 2 items?
If may or may not cost you a little more up front.
If you only have one year of tax returns that included some business income, you may still qualify for the 3% down payment options, but you will have fewer down payment…