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A person on our team will be more than happy to assist you. The letter verifying self-employed status is usually the first one you'll need. Many underwriters ask for this as supplemental documentation from self-employed people or small business owners, especially if you are applying for a bank statement loan. Ideally, it only takes a simple request to your CPA, and you would have to pay them only for the time it takes to prepare it.
This is typically requested from people applying for bank statement loans, especially if they do not have very many other open lines of credit. Sometimes an underwriter will simply want to know where your closing costs and down payment are coming from; other times, they'll want to know you have the funds saved for six months to a year of monthly mortgage payments.
This is a sampling of documentation an underwriter might request, but it's not everything. Remember, these are conditions you must fulfill to get the loan, so if you're asked, just provide -- don't ask why they need it. Even if you think you've provided what an underwriter asked for, you may not have done it to their exact requirements and they may request another form of documentation.
Here are a few scenarios that could hold things up:. The underwriting process should be pretty straightforward for you if you're lucky enough to be in a household with two full-time employed adults and meet the following criteria:. If that sounds like you, you may only need to provide pay stubs, two years of tax returns, and permission to pull credit reports.
If your life is a bit messier, with credit cards close to the limit , student loans , or medical bills, or you're one of the growing "gig economy" workforce, the underwriting process will likely be a bit more complicated. That said, a little preparation can go a long way.
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Your debt-to-income DTI ratio gives lenders an understanding of how much of a monthly mortgage payment you can afford in addition to your current debt responsibilities without financial difficulty. It is calculated by taking your current monthly debt payments credit card bills, car payments, student loans, etc.
Character is defined as the mental and moral qualities distinctive to an individual. Banks want to loan money to people with good credentials and references, but they also consider how you take responsibility. If you have not fulfilled your obligation to file your business income taxes, this negatively impacts your character for both lenders and the SBA.
The SBA will not approve a loan application if you have not filed your taxes properly. You can learn more about how lenders consider your employment income here. It can take the IRS 3 to 8 weeks to process your taxes, depending on how you file.
If your mortgage application relies on your income information for that year, we may have to wait for that tax return to be processed by the IRS before we can consider that income for your loan. Have questions about exactly how your tax returns will affect your mortgage application? Talk to one of our licensed Mortgage Experts and get some clarity. This publication is designed to provide general information.
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