“I Need Your 2016 Tax Returns to Make the Debt Ratio Work”
Happy Holidays! I'd like to look into doing a refi on both rental properties as soon as I get my 2016 taxes done. My debt to income should be considerably better. Should we get it going now?
For self-employed borrowers that could not make their debt ratio work to get a mortgage in 2016 and the income numbers will be better with the 2016 returns, then waiting for the returns to be completed is the right way to handle getting a mortgage accomplished in the New Year.
This client had below average income in 2014, so waiting for the 2016 returns is the right way to insure a positive result. He also knows that he and his accountant need to understand the goal of showing more income rather than writing off more which will hurt the bottom line.
Mike will be prepared for sure!
Image courtesy of StuartMiles/Freedigitialphotos.net
Subscribe to my blog via Email:
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
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.