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I would like to refinance my home. Please look at my stats and give me a call!

I own a construction company and am self employed. Though I show $75k in income (which screws up my DTI) --I actually receive around $120k in benefits from being the Owner of my company in the form of insurances, trucks, expense accounts, etc.etc. Is there anything that you can do?
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December 04 2013 - Douglas
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Answers (7)

Customdb,
I don't see a way to contact you directly by phone.  I see that you are having a problem qualifying.  One of the great things about being self employed is that you can depreciate equipment.  Technically, it doesn't effect your cash flow but for tax purposes it reduces your income.  As a lender I can use depreciation to help you qualify.  I can also use other allowances if I have a two year history.  
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Thanks,

Peter Campellone
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December 07 2013
Being self-employed can usually cause problems when you are trying to apply for a mortgage. This is a very common situation that people get stuck in. Luckily, there are loan products that are offered for certain situations like this. I suggest you research and speak with lenders that can be flexible with your situation. Before these are available to you, how is your credit score and down payment? Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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December 04 2013

Would need to know the loan amount that you're trying to refi, also the type. Also, how do you know what the DTI is? Benefits are not something that can be added back in. If the business pays some of the debts that show on your credit report that will help.

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December 04 2013
Yes, if can you email me your last 2 years of tax returns so we can probably calculate your income over the last 2 years.   I think you have a good shot depending on how much deprecation we can add back into your income.
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December 04 2013
Has a lender already run the numbers for you, with a current credit report?

Mark
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December 04 2013
Have you spoken directly with a loan officer?  Depending on the details, there are some write offs that we can 'add back' to your income.  Depreciation, depletion and the depreciation portion of your mileage write off to name a few.

Get a loan officer that's experienced in self employed borrowers and bring them your whole tax returns, it may or may not work depending on your situation. 
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December 04 2013
It will come down to what you show on the IRS returns, not what you claim - those days are over for now.


tim
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December 04 2013
 
Related Questions
I would like to refinance my home. Please look at my stats and give me a call!
Profile picture for Peter Campellone
Latest answer by Peter Campellone
December 07 2013 | 7 answers
  • Asked by customdb
  • In Refinance
  • December 04 2013
Mortgage Rates
 
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