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Loan for Self Employed
January 19 , 2013

Lenders are wary of readily lending to self employed persons than to salaried persons. Some lenders worry you won't have enough income to pay the mortgage. The longer you have been in business, and the more tax returns you have filed as a self-employed person, the more comfortable lenders will be. Your chances of securing a loan can be improved by paying off all other consumer debt and accumulating a large savings cushion. Many lenders would like to see a year's worth of payments available in a savings account. Also be prepared to provide documentation such as contracts, invoices, bank statements and profit-and-loss statements, in addition to tax returns.

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