What Are We Looking For?
You can expect Fidelity Home Group to request proof of the following things before considering you for a mortgage:
- Income stability
- The location and nature of your self-employment
- The financial strength of your business
- The ability of your business to generate sufficient income in the future
What Documents Do You Need To Provide?
To start, you’ll need a history of uninterrupted self-employment income, usually for at least two years. Here’s some examples of documents we might ask for:
Employment Verification
Self-Employment verification is proof that you’re self-employed. It could include emails or letters from the following:
- A licensed certified personal accountant (CPA)
- A professional organization that can attest to your membership
- Any state or business license that you hold
- Registered Business with Secretary of State
- A Doing Business As (DBA)
Income Documentation
Have proof of steady, reliable income and you’re one step closer to getting approved for a mortgage. Note that even if you make consistent money now, your past income will also influence your ability to get a loan.
We may ask for the following:
- Profit and loss forms, which could include a Schedule C, Form 1120S or K-1, depending on your business structure
What happens if you’ve been self-employed for less than two years?
Great question. Ultimately, your business must be active for a minimum of 24 consecutive months and your most recent two years of employment (including non-self employment) must be verified. In this situation, we will likely do an in-depth look at your training and education to determine whether your business can continue a track record of stability.