What documents required for self employed?

All mortgages with a nice low interest rate and/or down payment are considered "full doc". You need a minimum of 2 years tax returns(filed with IRS). For self-employed: If your business is incorporated you also need 2 years of corporate tax returns (Form 1120 ) plus a current year to date P&L and Balance Sheet.

Your main problem is the tax returns have not been filed for 2010. Unless you went to a local community bank or a bank who lends their own funds on a portfolio (meaning they hold their notes and do not sell them), you will have a tough time. Fannie, Freddie and FHA all require tax returns and most every lender requires an executed 4506T. So if your taxes have not been filed, file them right away, go to your local IRS office and beg them to process them on the spot. The lender would need a return transcript for 2010 to lend you money. Good luck

I'll answer your question below but you've not provided sufficient information for a thorough answer. You would really benefit from a mortgage loan preapproval (no cost or obligation) where your application is actually underwritten without a specific property identified. This basically amounts to a credit approval.The information missing is how you are self-employed. You didn't specify if it's a sole proprietorship, general or limited partnership or an 1120 or 1120S Corporation.I can provide a checklist of documents needed for non-income items but as far as your income is concerned you will at LEAST need:2008 and 2009 US Individual Tax returns with an unexpired extension for your 2010 returnA year-to- date profit and loss statement that may be prepared by youA signed IRS form 4506T Another 4506-T would be required at closing.Schedules K-1 and corporate returns would be needed if such are applicableTwo months personal bank statements (all pages) showing sufficient funds to for your down payment and settlement costs would be needed. Showing additional assets that won't be needed for the transaction would help reduce your risk rating.Although you pay your credit cards off monthly, the minimum payments would be used to calculate your debt-to-income ratio.Additional requirements will apply and may vary depending upon the specific type of property and transaction for which you are seeking financing.Tom Stevens - financing in 50 statesThomas. Stevens@Flagstar.com