Your Tax Return Determines How Much Home You Can Buy

Your Tax Return Determines How Much Home You Can Buy

Tax Returns can trip up your approval.  

One of the things that works against people, no matter what income level, is dealing with Tax Returns.

Providing 2 years of tax returns a required step to getting approved for your home loan. Some people can shoot themselves in the foot when it comes to the IRS and how they file. 
Image titleIf your CPA or Turbo Tax suggests all kinds of great write-offs, even if they are perfectly legitimate and legal, at the end of the day, the lender will use the adjusted gross income you report on your taxes to qualify you for your mortgage. 

Remember, if you were able to save paying tax dollars by reporting all of your deductions, effectively lowering your overall income and tax bill, that lower income will also be reflected in how much home you can qualify for.

 And you may not like that number.

This can be a tricky area and you need to speak with Brian Webber (940 859 1477) if you have questions. It is best to be strategic  when planning on purchasing a home. 

Keep your debts low and your reported income high is the best strategy for being approved for the highest loan amount you can comfortably afford.

Many people move around in the job market place. Lenders don't like to see employment gaps and career changes. If you hate your job and you want to buy a home you may need to hang in there a little longer until your home is purchased.

Thank you for reading, and your next tip will be in your inbox in a few days. 

PS. Please share this with a friend or family that may have questions about moving and/or improving their credit score.

PSS, Questions about a home loan? Call Brian (our awesome lender and my amazing husband) 940 859 1477.

Edie Webber Headshot
Phone: 817-798-6630
Dated: March 28th 2016
Views: 267
About Edie: My current state of happiness and realized dreams is the hard won result of a lifetime journey. I ha...

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