How do you qualify for a USDA Loan with Self-Employment income?

How do you qualify for a USDA Loan with Self-Employment income?. Can you build a home on your own lot with a USDA loan?

How do you qualify for a USDA Loan with Self-Employment income? video duration 2 Minute(s) 49 Second(s), published by Metroplex Mortgage Services on 28 06 2019 - 17:25:16.

https://www.usdaloanpro.com/blog/2019/06/28/how-do-you-qualify-for-a-usda-loan-with-self-employment-income/ How do you qualify for a USDA Loan with https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do - My name is Javier Vidana, a licensed Real Estate Agent with My Home .

This video covers the income eligibility requirements for USDA loans and answers the following questions
- Are there purchase price or income limits on USDA Contact Kenny Kelly at 972-974-2570
USDA Lender in Denton County
First time home buyers are making their dreams come true every day in Denton County https://www.usdaloanpro.com/blog/2019/05/31/can-you-build-a-home-on-your-own-lot-with-a-usda-loan/ Can you build a home on your own lot with a USDA .

https://www.usdaloanpro.com/blog/2019/06/28/how-do-you-qualify-for-a-usda-loan-with-self-employment-income/

How do you qualify for a USDA Loan with Self-Employment income?

How do you qualify for a USDA Loan when you are self-employed?

Unfortunately, I hear the complaints time and time again that many brokers, banks, and lenders simply do not process or handle self-employed homebuyers in an efficient manner, which may be due to a lack of experience or unfamiliarity with understanding tax returns, the related schedules, and how to analyze them.

On a positive note, since I started “Metroplex” way back in 2001, we have been able to assist a tremendous amount of self-employed clients and even offer a courtesy tax return analysis for those who prefer to review their self-employment income as the beginning step.
With so much mystery surrounding how to qualify for a USDA loan when you are self-employed, let me break down the basics to help us get started.

First off, remember that qualifying income is based on what is claimed, not gross commissions or sales!

Further, USDA Guidelines state, “An app1icant or househo1d member is considered self-emp1oyed when they have a 25 percent or greater ownership interest in a business.”

Additionally, the following will need to be reviewed when applicable:
• Two consecutive years of signed personal Federal Income Tax Returns with all schedules filed with the IRS; and
• Two consecutive years of signed business Federal Income Tax returns with all schedules filed with the IRS; and
• A current year-to-date profit and loss statement which is not required to be audited; and
• Confirmation the business is operational must be obtained within 30 days of the loan closing.

Also, remember that if you have filed a tax extension or have entered into an IRS installment agreement, prepare to have those forms ready as well.

Here are examples of situations which would require review under USDA self-employment qualifying guidelines:

• Corporations;
• Partnerships;
• Sole Proprietors; and
• 1099 Independent contractors.

Just call or email to discuss you scenario and let us show you the “Metroplex” difference!

(800)806-9836 X 280
SeanS@MPLX.org

http://www.USDALoanPro.com
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