12-28-2012 03:25 PM
I am trying to get a mortgage in 2013 and I have a question about 1099 income. All of my income is 1099 as I am a self-contractor.
I take ZERO deductions other than the SELF-EMPLOYMENT deduction and a MAXIMUM $3000 CAPITAL LOSS CARRY OVER.
When trying for a mortgage do these amounts get added back into my INCOME? The CAPITAL LOSS has really nothing to do with my income and I have to take the self-employed deduction. These really bring my income way and will give me a HIGH front-end DTI.
Any input would be great
12-28-2012 03:35 PM
Here is the worksheet you can fill out plus the instructions, this shows you how they will determine your income: