Self Employed Income Qualification: Benefits To Being Self-Employed
This Article On Self Employed Income Qualification
Stated Income Loans
Schedule C, Profit and Loss, of your 2015 federal income tax return shows gross receipts of $100,000, however, your Schedule C expenses are $80,000. This means that you only earned $20,000 for the year. This is the income that the lender will use to qualify you and calculate your debt to income ratio for a loan approval. So while it may seem beneficial to claim higher deductions for tax purposes, your purchasing power will be impacted by your limited income on paper.
Grossing Up Income
What Lenders Are Looking For?
About The Author Of Self Employed Income Qualification: Arlene Di Sessa Of Gustan Cho Associates
Bob Vogel NMLS 1446953 is a senior writer for Gustan Cho Associates Mortgage And Real Estate Information Center and a licensed mortgage loan originator for The Gustan Cho Team at CrossCountry Mortgage. Bob Vogel is based in Hampshire, Illinois and works closely with Gustan Cho. Bob Vogel is an expert in originating FHA Loans, VA Loans, and Conventional Loans with no lender overlays. Unlike other mortgage lenders, CrossCountry Mortgage NMLS 3029 just goes off the automated findings of the Automated Underwriting System and as long as the borrower can meet the conditions of the AUS Findings, they can rest assured that their loan will close. Minimum credit scores to qualify for a California 3.5% down payment FHA Loan is 580 FICO credit scores. Outstanding collection accounts and charge off accounts do not have to paid off to qualify for a FHA Loan with CrossCountry Mortgage. Maximum back end debt to income ratios can be as high as 56.9% DTI for borrowers with at least a 620 FICO credit score.