Mortgage Requirements for Self Employed Business Owners in Dallas Texas

If you’re self employed, you know that getting approved for a mortgage can be more challenging when it comes to documenting your income.  However, rest assured that business owners in Dallas Texas are able qualify to buy homes and refinance homes just like regularly employed wage earners.

It’s important to work with an experienced loan officer that understands how to properly interpret and present your income documentation to the underwriter.   When the income documents are not properly interpreted and presented, problems can arise.  Email questions to josh@texasmortgagenews.com or Click Here to have an experienced loan officer call you today about getting qualified for a low rate.

There are many myths floating around when it comes to approving business owners mortgages.  For example, Self Employed Borrowers DO NOT Require More Downpayment.  

Things to Remember To Qualify for Most Loan Programs (There are a few exceptions, so call if you don’t fit all of the criteria)

  • Two Years of Self Employment History is Required
  • Income is Determined Based on the Average of Taxable Income Filed over the last Two Tax Periods
  • Statement from CPA May Be Required to Verify Business
  • Year To Date Profit and Loss Statement May Be Required
  • If using funds from business account for your closing, be prepared to provide evidence that using the funds will not impact the business ability to maintain earning income at current level – CPA Letter of Explanation May Be Required
  • If you’re buying a new house, get Pre-Approved early and provide ALL documentation before writing  a contract!

Be Prepared with the Following Documentation Up Front to Properly Determine Income Before Proceeding to Avoid Surprises

  • Two Years of Filed/Signed Personal Tax Returns including  All Schedules
  • Two Years of Any 1099 or w2 Statements for Salaries Received – If Applicable
  • CPA Letter Verifying Self Employed Business Owner for Over 2 Years
  • If filed previously as a Corporation or Partnership, then will also need Two Years of Filed/Signed Business Returns AND K1 Statements – All Schedules

If you’re a self employed business owner in the Dallas Fort Worth area of Texas (or anywhere in Texas or all 50 States), the most important thing to remember is to work with someone with experience in helping self employed borrowers.  Contact Me Today with any Questions.

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Josh is an experienced Mortgage Loan Officer and Sales Manager with a passion to help the consumer navigate the mortgage process most effectively. He believes that the success of a mortgage experience lies in the fundamentals of experience, knowledge of programs and guidelines, and relationships. As a result, Joshua has created customers for life that are fiercely loyal due to his high standard of “world class” customer service. He is honest, motivated and driven to be the best mortgage loan officer in Dallas, Texas. Josh works to help real estate agents grow their business through a variety of marketing, branding, and lead generation strategies. Josh works with real estate agents, brokers, local financial advisors and attorneys in a 100% referral based platform. Josh has been described by others as a visionary with a strong background in developing and directing teams, marketing and branding. He sets the bar for high integrity, and his customer service skills are second to none. Josh can be reached at josh@joshcampbellmortgage.com or 214-929-1733 Specialties Conventional and Government Mortgage Financing, FHA, VA, USDA, Jumbo, Super Jumbo, Second Mortgages, HELOC, Mortgage Market Analysis, Marketing, Branding, Low Interest Rates, World Class Customer Service, Business Partner Development and Relations
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