Stacy, Home Buyer in Wildwood Crest, NJ

Is it common to ask for 3years tax returns for those who r self employed?

Asked by Stacy, Wildwood Crest, NJ Mon Jan 24, 2011

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Yes, it is common . They are making it more & more difficult for self employed people to qualify for loan these days. Think about too much risk for such a low interest rate, ratres start going up I believe they will loosen up a little cause they be making more. As an appraiser I am ideal to represent Buyers in this difficult market. Need anythng or have any more questions please contact me at or 609-851-4072.
0 votes Thank Flag Link Mon Feb 21, 2011
It depends on the lender HOWEVER MOST Instances you have to supply 2 -5 years

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Feb 20, 2011
It is much more common to ask for 2 years, however if you are talking about applying right now, you may be asked for your 2008 & 2009, but will be required to have a 2010 profit and loss if you do not file your 2010 return before closing.
0 votes Thank Flag Link Sun Feb 20, 2011
I run a tax practice and I am a financial planner and yes it is common. Don't be suprised if they want verification of the returns actually being filed as well. And they may want to see proof of the tax liabilities having been paid as well. For example copies of the canceled checks showing the estimated taxes were paid.
0 votes Thank Flag Link Sun Feb 20, 2011
Not an unusual request these days....
0 votes Thank Flag Link Mon Jan 24, 2011
I have heard of two, but there are many variables. I can refer you to a very experienced lender if you need assistance, as well as in the purchase.

Janet Larsen, Broker/Associate
Remax Connection
Web Reference:
0 votes Thank Flag Link Mon Jan 24, 2011
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