I posted this part one and two series a few months ago. Some recent conversations with some Realtors and clients spurred me to repost some of this information as it appears there are some misconceptions as to how income gets calculated when using tax returns.
In Part One, we addressed how rental income is evaluated in terms of qualifying for mortgage financing. Here in Part 2, let's delve into this whole issue of using tax returns for mortgage financing, and evaluating those return schedules, a little deeper.
Chances are you have heard how the mortgage lending environment has changed and that it's becoming more challenging to obtain mortgage financing. While that is certainly the case, there are still options out there. In this Part One series, we will discuss how lenders analyze tax returns for mortgage financing.
Many self employed individuals or folks with complicated tax returns may be interested to know what mortgage lenders look for in those returns in order to establish qualifying income. While different lenders may look at some situations differently, … (8 comments)
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Karen Burket
Valley Mortgage Grou, Conventional, FHA, VA, mortgages
You can find great local Medford, OR real estate information on Localism.com Karen Burket-Bank of Oregon Home Loans Conventional, FHA, VA, mortgages is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Evaluating and using Tax Returns for Mortgage Financing - Part 2
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