Smart Home Buyer Tip :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.
If 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.
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