Self-employed — Haven’t paid myself…how do I apply for mortgage?

[Sharingiscaring]

Hi! 

I currently live in Texas and I would like to move to a bigger home. I currently own two businesses that brings me about 20k-40k a month. They are both under a year old.  The problem I have is I have never really paid myself.  The money just sits in a business account. I've heard mixed things from a a couple of banks.

1. One Stated I would need to show proof of my tax returns. 
Answer: I haven't filled business tax returns. 

2. Another one stated that I would need to show two years proof of business tax returns. I explained to them that  I was under a year but I did not change the industry I work in. I have always been in a nurse managerial position 130k plus yearly, but during COVID I opened a staffing agency in health care. 

I have 20% needed to close on a 800k home....just want to be prepared in advance of whether I should back pay myself and have payroll created check stubs or wait until I file my first year business income tax. 

Any help would be greatly appreciated. 

[CreditFun]

Go see a mortgage broker and be prepared for a slightly larger downpayment.

[Sharingiscaring]

Thank you 

---

@CreditFun wrote:

Go see a mortgage broker and be prepared for a slightly larger downpayment.

---