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Income Documentation

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Anonymous
Not applicable

Income Documentation

I am self employed and will be closing on a home in March. I know the lender will need my 2015 & 2016 tax returns to document my business income. Will they also need a year to date profit and loss statement with it being so early in the year?

Message 1 of 3
2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Income Documentation

Yes.

 

EDIT:  FHA requires the P&L but Fannie doesn't according to a trusted lender I just spoke to 15 minutes ago - and as a result, this particular lender doesn't require the P&L if you are getting a conventional loan.  So I guess the answer would be that it depends on your specific lender's guidelines.

Message 2 of 3
Anonymous
Not applicable

Re: Income Documentation

I am self employed also, I am gone through an online lender FHA mid score 649. I was asked for two years of income taxes, ID, other income and I was told I would have to send in bank statements, and one additional tradelines. He said this could be utility, Netflix, cable bill ect. I was never told about year to date profit and loss. I did read that one person said they asked this if you havent filed taxes for the year coming up, like maybe if you were applying in December? Read it awhile ago so not too sure. I am on pins and needles hoping the home I want will pass inspection and appraisal with minor things. This is so nerve racking it's all I can think about, I try to stay busy, but you can imagine how that goes.
Message 3 of 3
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