You should have a mortgage person look at your tax returns to see what you will qualify for.
Fred Glick, NMLS #133975
U S Loans Mortgage LLC #51022
Credit scores, debt to income ratios, ability to repay the loan, required minimum downpayment are all now stringent requirements of this act.
Rather than protect the consumer, the criteria has the opposite effect eliminating many potential homebuyers from the market.
20% down payment has been supported by regulatory agencies for homeownership in 2014. One qualifying factor will be a debt load of 43% for total debt. This will impact self employed and first time homebuyers.
Recently, regulations were changed from averaging the most recent 2 years net adjusted gross income to using the lowest net adusted gross income out of recent 2 years.
If your business grossed 1 million dollars and you earned $20,000 (net adjusted gross income) then lenders based upon the regulations evaluate your earned income at $20,000.
If you are looking to buy 2013 is a good year.
Brock Realty Inc.
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iBERIABANK MORTGAGE COMPANY
3550 Buschwood Park Dr., Suite 295
Tampa, FL 33618
All the best,
The two are very different.
In general you would disclose all expenses and incomes on a loan to insure you are using the correct purchasing power.
I work with many lenders and would be happy to supply you with their information. They might be able to give you a better idea of what would be required to secure the loan.
Please contact me at THOYT@prutropical.com, or through my profile here on Trulia.
Prudential Tropical Realty