Mortgage Broker Or Lender, Louisville, KY
It doesnâ€™t matter if you are self employed or not, they are required to look at the entire picture. In our shop we order tax transcripts for the previous 2 years on every loan application, I always request full tax returns for both years to see if there are any business deductions. The problem isnâ€™t classification, it is net income. If a buyer is a regular W2 wage earner but has a side business that looses money, it is the same as being fully self employed. The deductions are going to count against them.
Why is this creating a problem?