HOW TO GET A LOAN WITH ONLY 1 YEAR TAX RETURN

Dated: 06/09/2015

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HOW TO GET A LOAN WITH ONLY 1 YEAR TAX RETURN

Now: The net income from the most recent (2013 OR 2014 ) tax return can be NOW used to solely to qualify for a mortgage. 

Editor's noteDoes you have sufficient "gross" income to buy a home?

By law...taxpayers/ buyEhome.com Home Keyers must claim ALL of their income...but they are not required to claim all of their biz expenses.

The (past) problem for self employed borrowers..they've had to average their income over 2 years to qualify for their future mortgage (vs. just using the most recent return).

Often what happens is a borrower has high start up costs in one year (i.e. 2012)….followed by hefty profit the next (i.e. 2014) …the losses in 2013 would offset much of the gains for 2014...therefore lowering their ability to qualify.

If you are willing to declare enough income (and pay the subsequent tax) for 2014.... they will be able to qualify for a loan. 

Article provided by provided by Daniel Dobbs Investor Mortgage

Check out Laguna Niguel executive homes if you own a business.


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