Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for Calenderview

Self Employed/First Time Buyer

I am currently self employed through my family business.  Last year's tax returns show that my yearly income was 50000.  How can I get a mortgage not based on my yearly income.  I see that some mortgage brokers take into consideration if you are self employed but I'm not sure how that works.  Can anyone give me some information or advice? Thanks. -Kevin
  • July 10 2012 - New York
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

Profile picture for funds2
Lenders are typically requiring average of net self employment income for past 2 yrs. Not sure what other income you would want them to use.
  • July 10 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Perhaps you are thinking about some of the adjustments (or "add backs") that a lender can add to your bottom line.  Typically depreciation/depletion/amortization can be added back to your income when analyzing tax returns. 
  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.