Posted on: 10th Oct, 2009 08:53 am
Hello, I would like to refi my existing mortgage. I get a 1099 every year for I am self employed. My question is to qualify for the refi, will the mortgage company look at my gross income on my 1099 or do they look at my adjusted gross income on my taxes?
Thanks, Susan
Thanks, Susan
They will ask for your 1099 and also your tax filing
Based on both they will decide
Based on both they will decide
Hi orandaz,
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/loantalk/gross-netincome.html
Take a look at it. I hope it will help you.
Thanks
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/loantalk/gross-netincome.html
Take a look at it. I hope it will help you.
Thanks
very simple...if you file a schedule c (and you should), that's the ruling factor. bottom line income with depreciation added back is going to be the income a lender will use for qualifying. you need a 2 year history, and the two years' tax information will be averaged.
