Did You know that some conventional lenders may CONSIDER a Borrower who has been self-employed for LESS than 2 years?
There are circumstances when a self employed Borrower may be considered stable in their field with only ONE FULL year of tax returns and in business. Below are some examples:
- Attorney working for a law firm opens their own law firm.
- Doctor working for a hospital or medical group opens their own practice.
- A licensed electrician working for a local union opens their own business.
- Each example above considers the Borrower’s experience in that field.
- Borrower has a 2 year history of similar income level in a similar occupation.
- Year to date financial statements AND/OR 3 months of recent bank statements are required to further strengthen the loan profile.