Self employed trying to apply for a loan
I am self employed and got approved for a loan 2 months ago using a year's worth of W2s. If I decide to hold off another year on a new purchase I'll have 2 years of W2s. Will my lender ask for P and Ls when I apply for a loan by then? by businessowner570 from Meadow Valley, California. Oct 6th 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
A YTD P&L is typically required. Could depend on the program. Though W2's is not self-employment income unless you pay yourself as an employee on payroll.
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
if you own more than 25% of a business when applying for a loan - you will likely be asked for a year to date profit and loss for the business ( as well as paystubs / w2s ) etc ...good luck
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