Self Employed Mortgage: How To Get Approved in 2022 if Self-Employed or Entrepreneur 🏠

#1099 #selfemployed #homebuying2022

Clearly, I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 48 states for purchase and refinances. Here is how to contact me:

3) Call me 707-478-0637

TikTok @jenniferbeeston

Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 4863 Old Redwood HWY, Suite D, Santa Rosa, CA 95403
Top 1% in the nation 2016-2021

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NMLS #247743 Guaranteed Rate NMLS 2611

State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MS-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, PA-247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY – 8203

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.

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[themejiasfamily]

Self employed: you need - 3 months of banks statements, copies of all check deposits in that time, year to date profit and loss statement, 2 years of tax returns, copy of original installment agreement from the IRS if you're making payments, Drivers License, Social security...blood test...the copy of the installment agreement is a major PAIN if you dont have it. It takes a month to recieve it. No way around it. Good luck! be aware of you net and adjusted gross income.

[ethan]

Great video 👍 every self employed individual needs to watch this & I love your Dad’s advice! Perspective matters!

[TyraFromSaigon]

I am so thankful you exist on this platform!! Honesty is the best policy!! ❤️

[_sports]

Great video . Main point I took from this is when I become a business owner be honest and don’t be so aggressive on your taxes . Be ethically when filing 💪💪💪💪.

[Mosdefinitelyable]

Thanks so much for your honesty about this. It's good to have relevant and timely info.

[SO]

Not what I wanted to hear, but what I needed to hear. Thank you

[RideWithTheWolf]

As a sole proprietor, it's the same as a 1040 individual. I make what I make it shouldn't be an issue of profit and loss. I have no employees, I have 100% of the profits, if any. Lenders seem to think I don't have any income.

[graphicalsolutions]

Hi Jen - I have an S corporation, and pay myself a salary, which is about half what I make in my business to save on taxes… Does the lender take into consideration my gross business income, or do they only count the salary that I pay myself on my own separate taxes for proof of income?

[ryancornelius]

2021 i made a ton of money and paid a ton in taxes, the only brightside of it was it was going to work in our favor when buying a home, still looking for that home lol. Thank you for this video ive been getting nervous about the loan process.

[kendrickhutchinson]

Love the video. Tax return info still relevant today and is exactly what I came to YouTube for.

[richhoops]

Thanks for being straightforward. I'm trying to get all of my ducks in a row over here. I "liked"

[jesusabueno]

Cold hard truth. I would've qualified but as a truck driver, I had major repairs that killed my income. Oh well, on for 2024 and accumulate a down payment and go 15 years.

[adammitchellforsythe]

The problem is that most lenders are like you in this video. They see a self employed person as having a cake and eating it too. They see us as people who take advantage and lie on tax returns and see us as beneath you. You just proved that in this video. I qualify for a VA loan and have one now, but if I want a home more than 120k I have to get a bank statement loan. Comes with its downsides but at least I qualify for 325k instead. So there ARE options for self employed without having to pay a ton more in taxes.

[mmmk]

Thank you for this information! So valuable! I have a question: My husband and I have a main business that we rely on for living expenses and a second business that is a side hustle. I don’t make too much money from the side hustle and made more money last year than this year so far. Will my side hustle income impact our loan application?

[adammitchellforsythe]

Been having this issue for years. Get a bank statement loan. Best thing for self employed if you don’t want to pay more taxes. You’re welcome.

[trentsetter_]

Great information Jen! 25 yr. old entrepreneur looking into getting into an investment property. The process can be intimidating!

[FEDERALBOYSENTERTAINMENT]

What if 1yr business was not to bad but next yr double which one would you use.

[sucredulce]

How about 1099?? We’d loved to start looking for a new home. Thanks for any help

[quickkfashions]

You really explained me well whatever I wanted to know. Thank you

[weargasm]

You look amazing in red 🥴😍 had to watch the video twice cause I wasn’t really paying attention the first time