Great information for a self employed home buyer.
Getting a mortgage is tough enough these days, but the battle is even more tough for self-employed home seekers.
“In today’s challenging credit market, for people who are trying to qualify for a mortgage, the borrower that seems to be scrutinized the most are the self-employed/ sole proprietor,” says Tony Auffant, senior mortgage planner at Benchmark Lending in Melville, N.Y.“When it is most usual for financial professionals to advise the self-employed to write off as much of their expenses as possible in order to show less income on their taxes, this reduces the taxable income needed to offset liabilities, such as a mortgage payment.”
To help self-employed buyers better navigate the mortgage application process, experts offered the following tips and mistake to avoid.
Mistake: Not showing enough income
One of the benefits of being self-employed are the many tax deductions to lower taxable income. While that means you’ll pay less…
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