There has been an increasing trend of banks or lenders asking self-employed individuals for a CPA letter to verify, certify, vouch for, or attempt to estimate the income of the applicant. This income statement is then assessed by the lender when determining whether the loan should be approved. Some examples of requests (variable wording but roughly the same request) include:
- CPA-certified letter projecting income
- CPA letter verifying income is consistent with prior years
- CPA verification of employment
- CPA verification of income
- Financial projection/estimate
- Financial statement signed by CPA
Sometimes, the lender also requests this CPA letter to be notarized (the CPA must sign in front of a notary). The notarization adds an extra layer of verification to ensure the authenticity of the letter.
With the right disclaimer, it is possible to both meet the paperwork and compliance needs of the bank while also preserving the integrity of the CPA. We ensure that our CPA letters meet all required standards and provide accurate, reliable information.
These types of letters have also been requested for apartment applicants to verify their income and are commonly known as CPA letters, Income Verification Letters, or Income Projections. The types of persons being asked for such types of letters include:
- Contractors
- Those paid on 1099
- Persons owning a single-member LLC or other small business
- Freelancers
- Self-employed individuals
Obtaining a well-drafted CPA letter can streamline your application process and help in securing the necessary approvals. If you have been asked for this type of letter, please contact us below and we will complete it for you. We serve all 50 states and are Federally licensed.
I been self employed for 6months now tax id hasn’t come in yet need income verification for caloan