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Self Employed
#1
When a self-employed person is a 25% owner of his business, what document is required to determine his loan qualifications?
 
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#2
If a self employed person owns less than 25% of a business, that self employed person can be classified as an employee and as long as he or she gets a W-2, the W-2 will be used and not the corporate tax returns. The answer to your question of what proof that the self employed borrower needs that he or she owns less than 25% of their business is K-1 which will reflect the portion of the income and company the self employed borrower owns and is responsible for.

Jesse,

Attached is an article I wrote and published on self employed mortgage loan borrowers. Hope it helps.

http://gustancho.com/self-employed-mortg...ification/

 
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#3
Freddie Mac allows one year tax returns for self employed mortgage loan borrowers if they get an approve/eligible per LP FINDINGS.

http://gustancho.com/self-employed-borro...x-returns/

 
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