Loans for self-employed first time home buyer?

[Sooyeon Kwon]

Hello,

I am totally new to RI. I set up my S corp less than two years ago, hence, only one year worth of corporate tax return is available. Prior to incorporating, I was on 1099 for about 2-3 years. My income increased gradually over the years, and this year will also show some increase (not dramatically). With one year worth of corporate tax return and 1099 tax returns from the year prior, I attempted to get conventional loans from banks this summer, but they were giving me such a hard time with the required documents as a employed person. 

My questions are 

1) should I wait until I have two year worth of corporate tax returns especially now that my income will be more than what it used  to be (it will be about 20K-30K difference from the previous year)? in other words, should I wait until I file my corporate taxes next year? 

2) Any recommendations for lenders that work well with self-employed home buyers? 

Any feedback/recommendations would be appreciated! 

[Jesse Rivera]

If you have more than 25% ownership in your S-Corp, you are still considered self-employed. You should have no problem getting a loan, if you meet the income and credit standards. I don't know what the other lender was smoking.

Depending on the type of loan, you will need 2 years of personal and business tax returns (combination of 1099 and C-corp will work), and a P&L for 2021.

What state are you in? I am licensed in CA, but know a couple great lenders that can lend anywhere. Let me know if you want a referral.