Self-Employed Borrowers

When self-employed borrowers apply for a Conventional, FHA or VA construction loan they will have to give the lender there last two years of Federal tax returns and a year-to-date profit and loss statement. The lender will use the income that you paid taxes on. Some deductions can be added back, most notably depreciation. 


As always, it's never too soon to talk to a mortgage professional about your situation. Under some circumstances conventional borrowers may only need to provide their most recent return, not two.

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