It’s also a plus if you can show a large amount of cash reserves and pay a high down payment. But once your lender sees your income is high and sustainable enough, you can get approved. Lenders are concerned with the viability of your business and whether you can sustain monthly mortgage payments. You need to prove you have a reliable income source. In general, obtaining a mortgage when you’re self-employed can be more challenging. Furthermore, expect lenders to perform a hard credit check on your credit report, which means it can impact your credit score.įor those who are self-employed, lenders confirm your income by reviewing tax return transcripts from the IRS. Though most lenders only ask for a verbal confirmation, others might request for an email verification. They request for income information and other related credentials. Lenders verify your income and employment by directly contacting your employer.
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