If I own a business in a company format and receive a regular salary for my self, am I eligible to obtain full doc loan as a regular salary employee? Do the lenders look for the history of the company? ( I am in the business only for few months but receive fix regualr income each month)Many thanksCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
You won’t be able to run off the salary you’re providing yourself for income verification.
Lenders will generally want to see your two latest tax returns for the company – though some will take the latest tax return.
The only way you can potentially get finance is if you go down a low-doc route.
Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
- This reply was modified 5 years, 2 months ago by Corey Batt.
If your company financials are strong enough – then you can apply for full doc.
Be careful with the low doc route – you need to ensure you can actually afford the loan.
JamieRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
There are too many unknowns to provide you with a structured response but in the main lenders will want to see a track record in regards to the Tax Returns before approving on a full doc basis.
In saying that it also depends on your previous occupation, PAYG income etc.
Bottom line is just because you can get finance over the line can you afford to pay it back.
Yours in Finance