Self-employed borrowers often see their qualifying income cut by deductions and write-offs on their tax returns. Review your tax returns before applying for a mortgage to understand what lenders will actually count.
If you're self-employed, here's something you don't want to overlook. A lot of people assume they'll qualify based on their gross income, but that's not always the case. Your tax returns play a big role in how your qualifying income is calculated. So if you've claimed a lot of deductions or write-offs, it could affect how much you qualify for. That's why it's a good idea to review everything before you start house hunting. Reach out to us, and we'll help you better understand the home financing process.
