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Mortgages and Self-Employed Income

Self-employment comes with many benefits. You get to create your own schedule, and you are in charge of your work-life balance, but when it comes to purchasing a home, can it help you or make things more complicated?

There are currently no additional requirements that make it more difficult for the self-employed population in Florida to receive a mortgage. The same credit, debt, payment, and income standards apply. When getting mortgages through Monroe Funding Corp, hard money lenders Miami, you can expect a flexible set of terms and conditions that fit both your short-term and long-term needs. 

Self-employed can mean many things. Business owners, freelancers, contract labor, seasonal work, and side jobs can all be the source of stable, consistent, and ongoing sources of income hard money lenders Palm Beach is looking for. This can be a candidate’s sole source of income or be additional funds on top of their primary source of income. 

In many cases, you will need to provide specific documentation to prove your income; two years of tax returns (both personal and business if business tax returns apply), your business license (if applicable), a balance sheet, and a year-to-date profit and loss statement. Usually, you will need a Certified Public Tax Accountant (CPA) to prepare these documents and verify they are accurate. Even if Orlando hard money lending does not require it, it can prove useful and help you in the verification process. 

The bottom line is that lenders do not want to see income inconsistencies. The more stable your income, the better, even for the self-employed. They want to know that you will be able to make your payments. It is important to note that the lending process is not one size fits all. Documentation and process will vary from lender to lender, but Monroe Funding Corp makes it quick and straightforward to qualify. 

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