Who it is for
- You own a business, work on 1099 income, or have a partnership or S-corp.
- Your tax returns are filed, or you know they need to be before a lender will look.
- You want an honest read before you make an offer.
How it usually works
- Plan on personal returns and, often, business returns for the last two years, plus a year-to-date profit and loss.
- Large write-offs can lower the income a lender will use. We will show you that math before you are surprised.
- Some non-conforming lenders use bank statements instead of taxable income. That is a different product, with different costs. Ask if it is really available.
Read this before you get attached
- Changing how you file taxes right before a mortgage can backfire. Talk to your accountant first.
- A pre-qualification that ignores your tax returns is not a plan.
Questions worth asking
- Which year’s returns will this lender average?
- How are my depreciation and other add-backs treated?
- Is a bank-statement loan actually on the table, and what does it cost?