Established Member
Posts: 15
Registered: ‎08-30-2012
So close once again :( VA LOAN

Why can't the process of buying a home when your self employed ever be easy!


The first lender that we were going through approved us but denied us after our one 30 day late mortgage payment we had. Because it was a VA loan, the lender said they could not over look it. So we went on to lender number 2 that was recommended by the builder. We were pre approved by that lender and started down the road of this process again. The last email we got was them asking us for a few things that were manageable and an audited profit and Loss since my husband owns his own company. We had our accountant give us the P&L. The P&L looked strong I thought everything was good until they asked for a CPA to sign the P&L. When I asked my accountant about that, they said that they were EA, not CPA. Now call me crazy for not knowing that there is a difference but it's not really my field and we have had this accountant for years now. We are a small company around 3 million. So this accounting firm has fit our needs well. Plus it will cost us 7k-10k to get a CPA to come in and it will take more than a month. Just not doable. 


Now I'm not sure if the underwriter from this lender will accept the P&L from an EA accountant. I'm so upset. We are supposed to close this friday Smiley Sad


Has anyone ever experience this? Anyone think my chances are good and they will accept an unaudited P&L.