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Loan application with income coming from own business

We are looking to buy land soon and would like to know what would a lender consider my income to be when my wife and I own a business? Our net profit for this year is $260k. by jfreedma326 from Clayton, Indiana. Jan 25th 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,636 contributions

For self employed, lenders will look at the last two years business and personal tax returns. We look to see your gross sales, then we subtract out what you write off for material, expenses, etc. Basically after you write off everything, whatever the amount you told the IRS was you bottom line taxable income is what we use. Copy and paste my web page link about self-employed borrowers for more information. I only lend in MN WI IA SD and ND. Cambria Mortgage, NMLS 274132

Jan 25th 2022
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