Self Employed Sole Proprietor or Owner of LLC with 1 year of self employment: There are a few doctor lenders who will consider a self employed physician with less than 2 years of self employment. You must have filed at least 1 year worth of self employed tax returns. The bank will calculate your income using the previous year’s tax returns along with your current YTD Profit & Loss statement and Balance sheet.
Self Employed Sole Proprietor or Owner of LLC with at least 2 years of self employment: This is the common standard for self employed borrowers accepted by most banks. The lender will want your last 2 year personal and business returns, your current YTD Profit & Loss and Balance Sheet.
