Gotta get those taxes done though.
Case by case basis is what is needed here I guess.
Â· "Less than two years cannot usually be considered stable unless the applicant has had previous
related employment and/or extensive specialized training "
Texas RPLS - 25 years experience with extensive training/testing for Professional Registration.
Took over an established firm with 30+ year history, employed at that firm since 1985
184.108.40.206.10 Self-Employed Borrowers
Â· A borrower who has an ownership interest of 25% or more in a business is considered to be
Â· Minimum of 2 years required. A shorter timeframe will be considered on a case-by-case basis.
Â· Signed 4506-T Required.
Â· Copies of the past two yearsâ€™ signed and dated individual federal income tax returns are required.
Â· If the business is a corporation or partnership
o Copies of the signed federal business income tax returns for the previous two years plus all
applicable schedules and
o List of all stockholders or partners showing the interest each holds in the business
Â· Less than two years cannot usually be considered stable unless the applicant has had previous
related employment and/or extensive specialized training
Â· Less than one year is not acceptable
As you can see.... it is open to interpretation by the underwriter.
Certainly, we would want the 2008 tax returns done and a copy of the current P&L.
I would also expect you to need some good compensating factors.