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B. Do a stated income or no doc loan These types of loans are done all of time, where you need no proof of income, you only state on a form what your income is, and you do not need to verify it. This can help if you are self employed and want to state your income as it is and not worry about having lender average out your income from last two years instead. Make sure you are accurate in stating your income, because lender may be able to obtain past taxes from IRS to confirm it. When you do a stated income loan, this will put more emphasis on your down payment or credit score. So, you will usually need one of these factors to be strong if you want to go this route. Most of time when you do a stated income or no doc loan, you will be charged a slightly higher interest rate because of extra risk lenders carries.
C. Put together a profit & loss statement stating accurately stating your profits and expenses from last two years. This can be a time consuming project, but it can sometimes be used as income verification for a lender. It is more usable if you have had it signed or verified by your accountant.
There are many ways that lenders can work with you if you are self employed. There are many programs available to help you and if you have a down payment or decent credit, you are almost guaranteed to be able to get approved somewhere.
To see a list of recommended mortgage loan companies online, visit this page: www.abcloanguide.com/mortgageloans.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.