How do Small Business owners (LLC) verify their income during a Home Refinance?

3 Answers

$1.00 tip awarded

follyoferasmus | 3 years, 1 month ago

I just went through this. I run a small business as a sole-proprietor. I had to present 3 years of tax returns to demonstrate my income. My re-fi was approved.

Good luck on yours.

source(s):
Personal experience.

You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.

Report Abuse

drmatt | 3 years, 1 month ago

How are paystubs and W2s not available? If you are paying yourself, you have to pay a certain amount to the governments (fed and state) as well as the EDD. If you're paying yourself and not doing this... you might find yourself in trouble.

+ show 1 comment

follyoferasmus | 3 years, 1 month ago Report

drmatt:

Not necessarily. An LLC with one owner can pay taxes as a sole-proprietor. This means the owner can cut himself a check whenever he wants (Owner's Draw) without paying payroll tax. Income from the LLC flows right to the individual's tax return.

Reply Save Cancel

Report Abuse

ratenerd | 3 years, 1 month ago

In the "bad old days" you would just get a NINA loan (no income, no asset verification loan) if you were in this situation. Those "liar loans" are pretty much gone. If you are legitimate, then 2-3 years of income tax returns should be sufficient, along with a projection of future income.

source(s):
http://ratenerd.com/refinance-frequently-asked-questions-faqs-110

Report Abuse

Spam (off topic & commercial)
Inappropriate (profanity, hate speech, or other violations per Terms of Service)
Plagiarism (copy and paste text without proper citations)
Illegal (fraud, phishing, violence, threats, privacy invasion, harm to minors)

Details

add an image by: URL,
Search,
Upload

Selected images:

save images cancel

add a video by URL:

Selected videos:

save videos cancel

add an audio by URL:

Selected audio:

save audio cancel

About This Question

This question has already been resolved. You may add an answer to it but you will not be eligible to win best answer or any associated tips.

This question has been viewed 80 times.