Self Employed, Ten Fifteen Twenty Thousand Dollars, Fifty Thousand Dollar discussed on Business Beware


Us qualify for another ten fifteen twenty thousand dollars of a mortgage we get at least look at that which you're talking about self employed individuals correct no self employed individual is overly aggressive with their absolutely not but i've worked with a lot of clients it's like all right you want to buy this home or we need to refi here's the income we need to make so i get the tax returns where within that range they can tweak it a little bit and wallah were able to qualify for the mortgage file an amended return it's a little bit harder to do that lenders are really all that happy about getting amended returns in house even in return comes after i'm doing my loan landing here no seriously if you have all these deductions that are going to take your income down you don't take him as deductions chose your income you'll pay a higher tax rate and then you'll have an epiphany in june or july that comes from you not for me i'm just teasing i'm just teasing what about if you don't own a business all right well the other thing too with a corporation so i mean you've got your self employed which is a schedule c corporation you file corporate returns corporate returns were able to count your you're salaried income but we have to average at so if you're going to bump up your salary bump it up now so that we have two or three months or four months where we're seeing that income because you can't bump up salary after you've just applied for a mortgage on second because many companies are escorts or partnerships or whatever forget secours system in it because the pass through which they're going to get a lower tax rate it looks like coming out of the senate that pass through is considered their income so i understand the seed corp the bumping up the income and all that but would you need to do that if you're a subchapter s four whether you're an ass corpora corp and not everybody pays them self a salary is we've got to do an average on the salary over a couple year period of time so let's say you start off you know two years ago and you were taking two thousand out last year you're taking four thousand out all right might help me in qualifying i can withstand taking out maybe five thousand or six thousand now you do it now so that when we collect your documentation i can do that average but let's assume they're you're showing four thousand a month we apply for the loan and then all of a sudden you say well i'm going to but my salary up a thousand dollars because i needed to qualify we're not going to be able to count that income we need to see that history so we're able to take what you've earned in salary average over a couple of years and then your adjusted net income after taking out salary after taking out expenses i can add back into preciado so both on escort seakor we've out potential salary we can use what you're adjusting putting money into a retirement account can you add that back in with fannie and freddie they don't allow us to do it it doesn't make sense we used to be able to do that i know no that's totally discretionary exactly some jumbo lenders will allow us to use that income steve are you see it's not as simple as knocking into the bank filling out a couple of papers and walking away with a four hundred and fifty thousand dollar mortgage that's why you call steve triple eight five six three.

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