This is a YouTube video titled "Self-Employed Home Buyers #homeloans #homebuyer #fhaloan #interestrates #closingcosts" containing a monologue or presentation from February 2, 2023, discussing how self-employed home buyers can benefit from professional review of their tax returns to better qualify for home loans by considering various tax write-offs and alternative loan options.
If you're a self employed home buyer, it's worth having us do a professional review of your tax returns to see what you really qualify for. We don't just go off the bottom line. There are items that you could write off on taxes that we could add back on as qualifying income for your home loan. For example, depletion, depreciation, business use of home, business mileage, casualty, loss can all be added back on as qualifiable income. That could look very different than what the bottom line might show. It's also important to mention that if it's just a side business, possibly and you have your normal W2 income on a conventional, we don't even have to look at it. Even if there's business losses, we don't even have to look at it on a conventional loan. And there's been many times we do look at the self employed borrowers and they qualify. Sometimes we look at it and hey, they need a little bit more help. We can go to bank statement loans, we can pivot and go to no income doc loans. So that's just step one. That's where we always like to start because we try to keep it as down the middle or normal as possible to keep the best financing intact.
