Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 28
Registered: ‎10-03-2011
0

1099 Worker - Deductions

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

 

 

Highlighted
Regular Contributor
Posts: 225
Registered: ‎01-11-2009
0

Re: 1099 Worker - Deductions

Here is the worksheet you can fill out plus the instructions, this shows you how they will determine your income:

 

 

https://www.fanniemae.com/content/guide_form/1084.pdf

 

https://www.fanniemae.com/content/job_aid/instructions-1084.pdf

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.