Being Self Employed Applying for a Morgage
I am looking for advice on the best way to go about my situation to purchase my first multiplex. I am self employed in an industry that tends to sway each month drastically and is directly effected by the economy.
My business has been open for about 5 years now. On the books I don't show substantial income due to write offs. All my employees are 1099 contractors and their percentage changes by the time of year. My question is what materials should I bring to a mortgage broker in order to show that my income is much higher then my taxable income in order to sway this in my favor? P & L? Pre Tax? Monthly Books?
The property would be owner occupy most likely FHA in the $250,000 range.
If I am missing any information I apologize, it's been a busy week... Thanks in Advance