Can I count self employed income towards mortgage loan if business structure changed?
I have searched far and wide on the internet and can't seem to find an answer to my question. I would like to buy a home in 2023 and am self employed. Currently I own a healthcare private practice that I have been operating as a Sole Proprietorship. I would like to change my business structure to LLC for the obvious reason of more liability protection. With the change to LLC I would also like to change my business name, but other than the name/structure change the business is still essentially the same. It will still be my healthcare private practice with my existing patients and same referral streams for new patients. I have two years of solid income to show for my business. Is changing to an LLC and changing the name of my business going to cause any hiccups or red flags to a mortgage loan lender? Should the change be made after I buy my house?
Any insight is appreciated!
That's a great question, Mariah!
NerdWallet is a free consumer finance web site. We don’t currently have any resources to directly help with your question, but here are a few articles which may help you find someone who may be able to help:
- Online Legal Services: Small Business Money-Savers
- How to Find a Startup Lawyer: The Ultimate Guide - NerdWallet
- Legal Zoom vs. Nolo: Which is Right for Your Business?
One more option is to have your question answered on the NerdWallet SmartMoney podcast. Call or text 901-730-6373 or email email@example.com to submit your question.
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