Asked by Michael, Anaheim, CA • Tue Aug 31, 2010
denied? The lender said it was because I have less than two years of taking a salary, so they won't allow that as income. My biz is profitable and has been for years, but last year I decided to also take a salary to reduce self employment tax. The salary is paid from my profits which are deducted off of my company profit. However it's my money that I earned either way, the lender is saying I am making 50% less since half is left as profit and the other half is salary yet they won't count the salary. Is this some bs excuse to deny me because nobody wants to lend to the self employed?
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