Self-Employed Mortgage Qualifying

You will be asked to provide proof of self-employment as well as a 2-year income history to prove your “taxable” earnings.

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  3. Self Employed Income Tips

    A borrower is considered self employed if they have 25% or more ownership in a business.
    Contract or 1099 employees are self employed borrowers.

    There are 4 types of self employed business structures:
    Sole Proprietorships
    Corporations
    Limited Liability Company (LLC)
    Partnerships

    Notes:
    Tax Returns are always required for a self employed borrower. Depending on the business structure, the borrower may have business returns in addition to their personal tax returns.
    1099, Sole Proprietorships, and LLC self employed borrowers typically file Schedule C on their personal tax returns.
    Corporations and Partnerships will file Business Tax Returns in addition to their personal returns. The business returns will include K1’s listing the borrower’s ordinary business income and percentage of ownership.
    Corporation and Partnerships may also have W2 income in addition to their K1’s.
    All self employed income is calculated per agency guidelines.
    Self employed income requires a 2 year history.
    Declining self employed income typically cannot be used unless allowed by specific agency or loan program.

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