Yemeni Mason explains that self-employed borrowers with five-plus years in business may qualify for a mortgage using just one year's tax return instead of two. Depreciation on assets like vehicles and equipment can be added back to income during underwriting, boosting your qualification chances.
Are you a self-employed person looking to file your taxes for 2022 and qualify to buy a home? Well, hey, I know it sucks. I'm in the same boat. Well, the good news is if you have owned your business for more than 5+ years, then you could potentially only have to use one year tax return in order to qualify for a mortgage. Now, if you are still behind from last year's tax season, the good news is there are some items that even though you've written them off for IRS and tax purposes that we can actually add back in when it comes to qualifying you for a mortgage. For instance, anything that is a depreciating asset. Maybe you bought cars, computer equipment, if you're able to itemize these things correctly. So if you guys have questions in regards to this prior to the tax filing season being over, shoot me a comment, send me a DM, or give me a call or click the link in my bio, and I'd love to discuss it with you guys today.
How to Qualify for your First Time Home Purchase #mortgagerates #homeownership
