usda loan for self employed

Your income qualifying will be based primarily on your adjusted gross income on line 37 of the IRS 1040 form for the last 2 years.

There is nothing in regulations that say a self employed person can not qualify fora USDA loan. Your credit score is certainly high enough. I would look for someonewho does USDA loans in Texas and get qualified as soon as possible...if I were you.

USDA does not care if you are self-employed. However when you get qualified as a self-employed person they qualify you on your net income rather than your gross or another way of saying it is based on your adjusted gross income. If you do pay yourself by W2 you can use the W2 income and any self-employed income and add back in depreciation. I would speak with a local loan officer and have them review your income including your last two years of tax returns personal and business so they can get you qualified correctly up front. Best wishes, Sean

USDA does not differentiate your loan eligibility on whether or not your self-employed. However, depending on how your business is established the pass through income to you personally could impact your qualifying income as USDA does have maximum income limits. Good luck and have a great holiday weekend.