Schedule K-1 Income? Some of you with a schedule K-1 on your tax return may count on this income as your primary source of income and others as a side income.  Home lenders review your percentage of ownership to determine how they will add income or count losses.  To find out how home lenders will consider your income in buying a home, let’s chat!
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Schedule K-1 Income? Some of you with a schedule K-1 on your tax return may count on this income as your primary source of income and others as a side income.  Home lenders review your percentage of ownership to determine how they will add income or count losses.  To find out how home lenders will consider your income in buying a home, let’s chat!

ByBrandon Butler

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Fannie Mae Announces a “Blended Credit Score” to help more borrowers qualify for home financing. Here is how it works.  When one borrower does not meet the minimum credit score requirement of 620, the scores of both of the borrowers will be averaged to meet the minimum requirement. If your loan was previously denied over this issue or you have questions, let’s talk!

Fannie Mae Announces a “Blended Credit Score” to help more borrowers qualify for home financing. Here is how it works.  When one borrower does not meet the minimum credit score requirement of 620, the scores of both of the borrowers will be averaged to meet the minimum requirement. If your loan was previously denied over this issue or you have questions, let’s talk!

ByBrandon Butler

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Attention Self-Employed Buyers!  Are you wondering how lenders calculate your income? Each self-employed purchaser is different, but it is likely that a lender will add back expenses such as ‘depreciation’, ‘depletion’, ‘business use of home’, ‘amortization’, & ‘casualty losses.’ Lenders consider these “paper write offs” vs. actual cash from the business.  If you are self-employed, it is important to talk with your lender before you start looking for homes.  Let’s connect & discuss your situation!
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Attention Self-Employed Buyers!  Are you wondering how lenders calculate your income? Each self-employed purchaser is different, but it is likely that a lender will add back expenses such as ‘depreciation’, ‘depletion’, ‘business use of home’, ‘amortization’, & ‘casualty losses.’ Lenders consider these “paper write offs” vs. actual cash from the business.  If you are self-employed, it is important to talk with your lender before you start looking for homes.  Let’s connect & discuss your situation!

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.