I’ve listened which lenders have been asking for support proof your income even on settled loans. My father is self-employed and I get tips.
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{ 6 comments… read them below or add one }
Your tax returns for the last two years are usually proof enough.
He will need a breakdown of his accounts and tax papers for the previous tax year showing total income and tax paid as well as a prediction done by his accountant for the coming tax year. He will also need account statements for the past 3 or 6 months (I don’t recall, but I think it’s 6 months)
That was the documents my husband needed when he got his loan and he’s also self employed.
Just ask the bank what they will need if your husband does his own accounts, it may be different. Good luck. It is fairly straight forward, especially if you’ve been with your bank for a few years.
If it is a stated income loan, then NO documents are needed to verify the income, hence the name “stated”. You may need to provide bank statements verifying enough assets to make 6 months of mortgage payments, that would be a SIVA loan (Stated income, verified assets).
Bottom line: ask your lender.
Landlord is so wrong…you NEVER provide tax returns on a stated income loan because the income is STATED, not proven.
You have to have 2 years of documented employment history and the stated income must be reasonably consistent with the profession.
If you are self-employed, you have to produce not only a business license that reflects the name of the business for a minimum of 2 years OR if the business is incorporated, the loan processor will pull evidence from the Secretary of State’s website to prove you are the registered agent and have had the business for two years.
IN ADDITION, you must provide a letter from a CPA (NOT a seasonal tax preparer) that they have done the taxes for the business (and must state the business name) for the last two years.
Remember that it’s a STATED INCOME loan and not STATED JOB.
The mortgage company will call the CPA to verify that they produced the letter along with checking to see if that individual is in fact, an actual CPA in their state and that the license is active.
That’s pretty much it.
Looking through your previous questions and my contributions, I can tell you that you are going to have a hard time closing your current loan. I suggest you be prepared for changes. Doing a 90% stated loan with Countrywide in San Diego county is going to be nothing short of a miracle. I know you have 700+ credit scores but if you manage to actually close this loan I would be quite shocked.
I suggest you be careful of a switch of terms before escrow.
Just friendly, experienced advice.
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