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common issue with self employed.
banks feel like if you had a write-off then that reduced your income. what you tell the tax man is what you tell the loan officer.
have spouse refi car? removing it from dti?
@Anonymous wrote:
Here is a idea I was thinking which is prob a big no no. I was wondering if he could refinance the one in just his name then I will be off that one then I could refinance the other one. Here is where the big NO NO comes in play we have already applied for mortgage had scores run and they are working on the pre approval still deciding if he can do it in just his name or if I have to be added. Would they run his credit before closing and see he refinanced a car and then they so no to the loan.
Can you sell one of the vehicles and still be able to get to work? Some people make the one vehicle household work very well - others need both vehicles.
@Anonymous wrote:
No not a option due to him traveling for work all the time he is gone a lot so that would leave me no car to get to work or kids to school. That would be nice though would love to have only one payment
Do you have enough equity in one of the vehicles to pay off the loan entirely and still buy a home or is that not an option?
Another alternative some of my clients have done over the years is to sell one of the vehicles and buy a 'cash car' knowing that it may only last 6 to 12 months. That gives them the time to close on their new home and move, get used to the new budget (new house payment) and then replace the cash vehicle with a better vehicle. This sounds hard - but the ratio's to buy a home are more restrictive than those ratios for financing a vehicle.
it is not uncommon for an underwriter to see multiple credit pulls by your loan officer and then ask for the older reports.
one company i worked for actually told us to put them in the file from the get go as they would be asking for them.
they are trying to see if you are hiding something. not sure what they would do if a car disappeared.
but they could see it if they looked.
might have to change lenders after the refi
@Anonymous wrote:
Don't know if anyone has any info on this or has experienced this, me and my husband are trying to get a pre approval for a mortgage and ran into an issue that caught us off guard. The mortgage needs to go in just his name his middle mortgage score is higher then mine and if I'm on the mortgage the interest rate is higher. The problem is that my husband is in a plumbers and pipefitters Union and travels a lot so he has write offs for taxes. The suprise we learned today is that they have to deduct the amount of write offs from his gross income 😩 and then that makes his debt to income much higher. We have two car loans which are in both our names wish we hadn't have did that because that is the biggest factor of his debt. Anyone have any ideas?
Hi Rebuildin,
1) What type of mortgage did you apply for, FHA, VA, USDA or Conventional?
2) What does your husband write off & on which Schedule?
3) Do you have separate bank accounts?