Real estate blog entries tagged with deductions by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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deductions: Is a Bank Statement Mortgage Right for You? - 03/15/23 08:29 AM

Is a Bank Statement Mortgage Right for You?

Let's face it, it can be VERY difficult for the self-employed to get some shelter when seeking the best mortgage. Why? Because they face a tough choice every year around tax time:

File the maximum allowable deductions and reduce taxable income as much as possible in order to pay less in taxes.
File with fewer deductions, maximize income and appear strongest in the eyes of a potential mortgage lender.

In reality, balancing these two is nearly impossible for most business owners and the lending industry recognizes that. In response, the self-employed can sometimes use a bank statement … (2 comments)

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