Self-employed borrowers can tweak their tax returns to qualify for mortgage financing. A contractor called us this morning to qualify for mortgage financing. His gross revenue last year was $400,000. His net income on his tax returns, that he has not filed yet, however, is only $58,000.

To reduce his income and tax liability, the contractor deducted everything from his kids’ toothpaste to the pickles in his fridge (he offered a pickle to a client once). OK – I exaggerate…a little.

The point is that the contractor’s cash flow is well over $100,000 and he could show much more income if he so desired. And he needs more income to qualify for the mortgage financing he desires.

Fortunately, it is not too late b/c he has not filed his returns yet. We will help him come up with an optimal “net income” that he can legitimately show before he files his returns. This is something we help self-employed borrowers do often.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646

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