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✨ Bank statement instead of tax return mortgages ✨
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1. How to Calculate Self-Employment Income
* Many self-employed mortgage applicants make the same mistake. They list their income before tax deductions on their loan application. But mortgage lenders only give you credit for taxable income (with some adjustments).
* So if your business brought in $10,000 a month, but you wrote off $9,000 a month in expenses, your qualifying income is not $10,000 a month. It’s $1,000 a month.
* Here’s a quick and dirty way to calculate self-employed income for a mortgage:
– Start with your taxable income (after deductions on your Schedule C or business tax return).
– Add back expenses that were not cash disbursements. For instance, depreciation is a tax deduction, but you don’t write someone a check for it. You can add back depletion as well.
– You can also make a case for adding back extraordinary costs that won’t be repeated. To convince a lender, you might have to supply more than two years of tax returns to prove that a cost was an isolated event. If a building went up in a wildfire, for instance, you can probably exclude that loss.
– You’ll also take out windfall income that won’t recur. So if you are not in the business of real estate investing, but your company made a killing selling off an unused building, you don’t count that as income.
* You don’t have to calculate self-employment income to apply for a mortgage. Your lender will do it for you. But if you understand how lenders calculate self-employment income for a mortgage you won’t be surprised by the numbers.
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