How to Obtain a Home Equity Line of Credit for the Self-Employed
Lenders have different documentation requirements for self-employed individuals who are seeking a home equity line of credit. The documentation requirements vary depending on the specific lender, but the general requirements tend to be the same no matter which commercial lender you talk to.
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Instructions
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Copy your federal income tax return, form 1040, as well as supporting schedules such as 1040SE and 1040C. Print off several months worth of bank statements or use the paper statements sent to you by your bank.
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Talk to the loan officer at the bank, credit union or lender where you are applying for the home equity line of credit. See if they need any additional documentation of your business with your application, such as a business license or fictitious name filing.
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Fill out the home equity line of credit application, providing your name, address, net income and other requested information. Attach the tax forms and your bank statements to the application and submit it to the lender.
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