Schedule E/Capital Gain Income for Business Owner

[Anonymous]

Because of the nature of my business (investment management) my income varies from year-to-year and even vacillates between Line 13 income (capital gains) to Line 17 (partnership income).  Is it correct to assume that:

1. Mortgage companies will not consider capital gain income as part of the qualification process; but
2. Partnership income (my wife and I own 100% of two businesses structured as LLCs) is fully counted in the qualification process?

For example, assume my Line 17 (partnership) income was $675,000 and after various adjustments (SEP IRA contribution, medical premium deduction, etc…) my AGI was $600,000.  Is the full $600,000 "counted" similar to W-2 wages?

Thanks in advance!

[Anonymous]

For landlords, Schedule E is used for rental income/losses as from the landlords I know with personal mortgages, I believe they take the average of Schedule E which can work against some of them who report losses there.

I'd assume it's no different for any other business.

I doubt capital gains would ever be considered on a mortgage, though.