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Old 08-27-2013, 05:46 PM
 
Location: Las Vegas, NV
229 posts, read 436,418 times
Reputation: 41

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Single member LLC here and use Schedule C for taxes. I understand that the underwriters will take two years of my AGI and average out 24 months of income.

So my question is more about expenses/liabilities. If they're using the AGI figure, then that means I should list none of my business expenses that were already deducted on the Schedule C, correct?

I pay myself through member draws for the purpose of paying things like health insurance monthly premiums, contributions to IRA, quarterly tax, money for entertainment (dining, etc)

I have been living with family for the past several years as I've built my business so I have no monthly housing expenses to list. On the Uniform Residential Loan Application under section VI, assets and liabilities, what exactly do they want to see for liabilities? I have no auto loan, I don't owe anyone anything... Credit card payments are minimal if I buy something for myself.. What am I missing here?
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Old 08-27-2013, 07:19 PM
 
3,317 posts, read 7,253,255 times
Reputation: 4095
http://www.radian.biz/DocLatestVersi...s%20Calculator
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Old 08-27-2013, 07:25 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,386 posts, read 50,582,032 times
Reputation: 28616
I bought a home and refinanced twice while self employed, and it was easier then than now. They required not only two years of full tax returns, but also two years of profit/loss statements, business and personal checking account statements. They will go over it with a fine tooth comb, and will only count IRS reported income toward your qualification. You may not have many liabilities, but for some people they will include things like alimony and child support, in addition to credit card and other credit debt. Anything that you have to pay and can't cancel.
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Old 08-29-2013, 11:00 AM
 
Location: Las Vegas, NV
229 posts, read 436,418 times
Reputation: 41
No, no alimony or child support.. I live pretty simply and stay out of drama
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