I seem to be having some trouble with my husband being self-employed. Obviously we are not the first ones to come across this issue. I make around $40,000 a year, and I receive a nice and easy W-2. My husband, on the other hand, is self-employed causing my taxes and now my loan qualification process to be a real pain. He made around $30,000 last year, but he travels nationwide and we deduct every detail that we possibly can: meals, travel, mileage, etc. His Adjusted Gross Income is only showing around $7000. Now that we have worked hard to get our credit scores up - 731 for me and 690 for him - we are having trouble qualifying for a loan. Other debts are car loans, about $35,000 total. I feel like my credit is good enough, and I make verifiable income, but they basically can't even use his. I am qualifying, but for far less than the amount that we would like to. Is there anything I can do in this situation? Basically you have to claim zero deductions on your income tax and take the hit there in order to qualify for more. Thanks in advance for any input. I feel like self-employed individuals get the short end of the stick in every situation.
