There are several ways to prove your income without a paid employment contract.

Real estate financing is among the most common ways of acquiring a property, due to the more accessible payment methods.

For the approval of a loan, banks conduct a credit analysis, observing criteria such as proof of income.

In this context, formal workers prove their income by presenting pay stubs and/or pay stubs, which are provided by the company where they work.

For informal workers, freelancers, and entrepreneurs, the proof of income is provided by other documents. This is because these professionals do not have a signed contract.

In the following topics, check out how informal professionals can prove their income for the purchase of real estate.

 

What is the informal professional

With the alarming unemployment rates in the country, the number of informal professionals is constantly increasing.

For this reason, many workers are developing their activities as liberal, informal professionals or Sole Proprietorship (SP).

In these categories, the employment relationship does not occur under the rules of labor law and there is no incidence of income tax.

 

How the informal professional can prove his income for the purchase of real estate

In the current scenario, financial organizations are focusing on ways to analyze the income of informal professionals in order to grant credit.

Thus, some documents are requested for proof of informal income, such as: bank statements for the last 6 months, income tax return for the last year.

In addition, social security benefit statements also is used as proof of income.

All these documents are fundamental for determining the down payment amounts, as well as the financing installments.

Thus, it is essential to pay attention to the veracity of the information, so that the real average income of the informal professional can be presented.

 

How to invest in proof of income for real estate acquisition

If you are an informal professional and intend to buy a property, know that it is important to plan to prove your income.

Check out the tips that will help you in this process:

 

Apply to Sole Proprietorship (SP) to prove your income

A registration in the Sole Proprietorship (SP) guarantees the worker an EIN, issuing contracts, invoices, as well as access to social security assistance.

All this allows him to formalize his professional status and prove his income. 

 

Protect your name

Default is one of the factors observed by financial institutions during the credit analysis for financing.

For this reason, take care of your financial organization to avoid problems.

 

Have a good relationship with your bank

It is worth opening an account with the financial institution where you intend to apply for financing for your property and also to use it frequently. In this way, it will facilitate the analysis of income.

If you have any doubts about the proof of income for informal workers, then contact us and we will help you!