Yemeni Mason explains why self-employed people struggle to get mortgages: they write off so much on taxes that their reported income looks too low to qualify. Freddie Mac lets you use just one year of returns for a conventional loan, and other programs accept 10% down. Filing taxes honestly matters more than saving on a tax bill.
This is the biggest problem people have when they buy a home and they're self-employed. They write off everything because they wrote off everything. They're not showing any income.
So I can't tell you how many clients that I have like this. The good news is if you haven't already filed taxes for 2022, there is a program under Freddie Mac. If you do qualify for a conventional loan that allows you to use one year tax returns, as he mentions later on in the video, there are also alternatives such as non-conventional loans. That you may be able to qualify for with as little as 10% down. So if you're looking to put down the minimum, then you definitely want to make sure that you're filing your taxes correctly. And yes, you may owe a little bit of taxes, but over time, the increase in equity that you're going to see is going to far outweigh the liability that you're going to have to pay. If you guys have any questions in regards to this, shoot me a DM. Give us a call or click the link in my bio, and let's chat today.
How to Qualify for your First Time Home Purchase #mortgagerates #homeownership
