Today was a sad day for a purchaser, realtor and myself. I had to decline a great loan because of the adjusted gross income. A few months ago investors would have been happy to loan money with these credit scores and years of self-employment. Today, that just doesn't happen. Here are the details for S/E or Commissioned buyers documentation requirements.
Last 2 years tax returns all schedules, income is figured by averaging the last 2 years adjusted gross income.
If you have rental income you must show it on your taxes to prove you are receiving. (You can do an amended return for 2007 if you need to make a change in anything)
We cannot use your companies bank statements as proof of funds or sourced and seasoned money. If you have an account in your name and d/b/a added, we can't use it. You need a personal account which can be used and a business account which cannot be used. (self-employed) Do you have any questions?