Mortgage mastery for the selfemployed. Calculating sole proprietorship income from Schedule C.
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In this video:
00:00 Introduction
01:18 How to tell if you’re selfemployed (according to a lender)
02:41 Documentation: what do we need from you?
03:09 Documentation: tax returns
03:44 Documentation: tax extension forms
04:08 Documentation: profit & loss statement
04:54 Documentation: balance sheet
05:13 Let’s look at your Schedule C
05:41 Why don’t lenders use gross income for loan qualifying?
06:04 How tax writeoffs affect your loan qualifying income
06:31 Lenders make adjustments to the income on your tax return
06:58 Why do lenders make these adjustments?
07:34 How do tax rules come into play?
08:23 Let’s talk about the adjustments
08:39 Adjustments for conventional conforming loans
09:04 Noncash flow expenses that we can add back into your income
09:34 The Magic 4: Depletion
10:22 The Magic 4: Amortization
11:22 The Magic 4: Depreciation
13:17 The Magic 4: Business use of home
14:03 Deduct from your income
15:17 Meals and entertainment on your Schedule C
16:01 Nonrecurring income
16:14 Continuance: what does that mean for income?
17:37 Nonrecurring expenses
18:54 FHA loan rules for selfemployed income
20:01 Va loan rules for selfemployed income
20:43 A weird thing about VA loan rules
21:42 USDA loan rules for selfemployed income
21:52 Jumbo Loans and selfemployed income
22:43 How lenders treat business debts
25:30 Case study: Let’s calculate income for a sole proprietor!

Selfemployed mortgage playlist:
   • Selfemployed or Freelancers: this li...  

Selfemployed mortgage principals:
   • Lending Principals for SelfEmployed ...  

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.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy

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