Mortgage Process & Self employment income Questions

[bkfriendly]

I am wanting to purchase a Home soon and wanted to know about U/W process with Self employment income.

I have two schedules-C. I am a licenced plumber and personal care assistant.

I report income for both and wanted to know if it is a safe assumption that the U/W's look at the Total income to base thier

decision on how much house I qualify for.

Or is only the larger $Amount of the two sources looked upon for the loan amount?

Thanks

[Anonymous]

Underwriting will take into consideration both scedule c's if you have a 2 year working history on both jobs. Any actual income on the schedule c after deductions on the scedule c will be taken into consideration. If however one of your businesses shows a loss after deductions that loss will besubtracted from any profit shown on any w2 income  to adjust for the loss. 

[bkfriendly]

I also dont have 1099's as the profession for plumber is at obviously a different persons home every job, and the one personal care assistant job is for one private individual and no 1099 here as well.

Would I be better off (mortgage wise) if I asked for a 1099 when possible, or is this just not an issue

[ShanetheMortgageMan]

1099's aren't required, just the tax returns would be.