Mortgage qualifying and income calculations for an SCorporation income using Form 1120S.
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In this video:
00:00 Introduction: How to buy a get a mortgage and buy a home with an SCorp
00:34 Ahead financing help from a loan officer
01:37 How to tell if your business is set up as an SCorporation
01:55 If I get a K1, am I selfemployed?
02:53 What if I file on Form 1065?
04:00 What documentation will you need?
04:35 Lenders want your ENTIRE tax return
05:01 When are extension forms required?
05:42 What is a Profit & Loss statement (P&L)?
06:26 What is a balance sheet?
06:42 What is the goal for lenders?
07:36 What is a “passthrough entity”?
08:44 What about my business profits?
09:31 Does my salary count as income?
09:52 Let’s take a look at Form 1120S
10:32 What if my business reports a loss?
12:37 Do profits count as qualifying income?
13:33 Adjustments to your income that lenders make
14:01 Why do lenders make adjustments to what’s on your tax forms?
14:27 IRS rules muddy the waters
14:50 Continuance of income and why it matters
15:46 Noncash flow expenses
16:23 The Good Stuff: Depletion
16:57 The Good Stuff: Amortization
17:57 The Good Stuff: Depreciation
19:40 Meals and entertainment
20:38 Nonrecurring expenses
21:03 Continuance: what is that and why does it matter?
21:23 The problem with “other” on your taxes?
21:44 What types of income show up in the “other” category?
24:05 Short term debts Notes due in less than a year
24:36 Your CPA may miscategorize shortterm debts?
24:51 What is the solution to this problem?
25:28 What is a liquidity test?
26:04 What about other loan programs?
26:14 FHA rules
26:49 VA Rules
28:04 USDA rules
28:35 Jumbo loans
29:09 Our example: Let’s calculate S Corp income!

Selfemployed mortgage playlist:
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Selfemployed mortgage principals:
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Sole proprietorship income:
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Fannie Mae form 1084:
https://singlefamily.fanniemae.com/me...

Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate Inc NMLS 2611 Equal Housing Lender.
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www.rate.com/licensing
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