Prop trader, employed or self employed?

Discussion in 'Prop Firms' started by dafugginman, Jan 18, 2006.

  1. any help here? i'm now self employed and trade through an LLC i created, but worked for ETG for 3.5 years. when i go to get a home loan, can i say i've been self employed for 4 years, or only .5 years? you are a limited partner, and don't get a W2, so maybe that can be considered self employment.

    it's really screwing things up, as they won't look at self employment income unless greater than 2 years.
  2. hopback


    I guess it depends on your contract.
    Mine states that I'm a self-employed independent contractor.
  3. Unfortunately, if you list yourself as self-employed, your lender is likely to ask for verification that you have generated self-employment income for two yearss. Often they will ask for a note from your CPA. They may ask for this even if you file for a no-doc loan. Can't blame them really. They want verification of your claims.


    yep 2 years
    by then you'll buy it much cheaper anyways
  5. Consider a no-income-verification loan. Slightly less attractive terms, a lot less hassle.