As stated below, how you file your taxes can completely derail your chances of buying a home as a Self-Employment Borrower. Having said that, depending on your credit and the loan program you choose, y might just have a chance. As a Direct Lender/Servicer, we follow the AUS (automated underwriting system) Findings. If those Findings call out for only (1) year's filed 1040s, then you might have an window of opportunity this upcoming tax year but you have to stop "Writing off every legal deduction" and take the hit like the rest of us.
I too was 1099'd in the past, and knowing I was going to buy a home, had to bite the bullet and eliminate many of the deductions afforded me by the IRS. There are some cool things you can keep in mind though, we can add back in your "Depreciation" found on your Schedule C. So maybe you can change how you claim those deductions and serve both purposes. Just a thought. Let me know if you need any further assistance by shooting me a email or message.
It's your money, so yes. If you are getting a loan for part of the money and you are taking a loan from your 401K you will need to qualify for that loan as well. Either way you need to find out from the 401K administrator what the rules for taking money out are and then if you get a loan for some of the money you need to check with your mortgage company - I would do it all before withdrawing the money.... more
Meet with a specialized mortgage company and go through the pre-approval process. Once you have all of your mortgage concerns addressed then ask for a good realtor referral. It needs to go in this order and if the mortgage company doesn't give you very specific direction on how to get qualified, find someone else. Many people in our business are busy and they don't take time to educate buyers thouroughly enough. They should be able to give you very specific direction.
We have good resources to help you get started on our website. www.snmc.com... more
If you already haven't started working with an agent to help you call me. I will be holding an important press conference next Thursday to announce a new major First Time Home Buyer Program. I can help you get started right away as these programs receive a tremendous amount of interest, especially at the beginning. I want you to have a front-row seat.
Michael Bray, ABR, AHWD, CSP, eCertified, GRI, TAHS
2010 Texas REALTORÂ® Hero
EXIT West Realty
El Paso, TX 79912
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.
I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.
Howdy Cynthia my name is Cynthia too! There are so many options today for a buyer. Prices have not risen very much yet, interest rates in still delicious. Buyers incentives and cash back are real. NEED HELP WITH CREDIT, HOW ABOUT FREE CREDIT FIX!! Have awesome credit...like 620 or more, then most likely you can get into the home of your dreams for zero down, zero closing and all we have to do is find a home that meets your desired monthly payment. It is easier than you think! Now imagine the monthly rent you are paying you can have much more house AND majority of your payment will be one huge tax deduction that you will get back a huge check from the irs or increase your deductibles and have more take home pay. Okay Yakety Yak, lets talk at your convenience and make this one awesome fun experience!!
Wishes for Godâ€™s best to you and yours in every way each and every day!
Cynthia Ann Morris,
CNE, CRS ,CSP,ePRO, GRI, TAHS,Texas Property Tax Arbitrator,Certified Real Estate Instructor
Sales, Property Management and Investing First Time Home Buyer Specialist Short Sales and Foreclosure WE BUY HOMES FREE CREDIT FIX
Broker-Owner Serving you and all of El Paso County.
Phone 915 471 4300 Fax 915 855 4609
email cynthia@EPHomeSearch.com Website http://www.EPHomeSearch.com
I want to be the only REALTOR Â® you will ever need... more