“But How Much was Net Profit?”
Hey Joe, I can’t tell you that I am very happy with what you told me. How does it make any sense that my business brought in $223,000 last year and you can’t qualify me for a $200,000 mortgage?
This problem has been around for a long time when it comes to the self-employed. Sure, I can understand how someone would think bringing over $200,000 in revenues would allow someone to obtain a $200,000 mortgage, unfortunately that is not the case.
This individual showed a net profit of $3300 and in 2015 showed a loss of $1900. I can understand someone wanting to pay the least amount of income taxes, but it makes it almost impossible to get a $200,000 mortgage.
I did have a conference call with him and the accountant and hopefully they will have a better plan going forward.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.
