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Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

Losses for a business as sole proprietor I do howev. Have 1099s for other work. So my wifes losses count against me but her income doesn't count toward the ratios since its in my name correct?
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: USDA help

I guess I am a little lost at what you are asking.

 

Since you say you are a W2 paid employee, are you working for someone else or paying yourself a salary and or an hourly wage?

 

Your 1099 being generated is that from your sole proprietorship? Or are you receiving a 1099 from another company for doing work, or receiving commissions? Or both?

 

Are you in a community property state?

Good Luck
May all your dreams and wishes become a reality!
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

I have 3 streams of income

1 I am a salaried employee my base is 40k I also get commissions my base was 35k. Commissions used to be seperate 1099 (the owner of my company paid 1099 through seperate business ein)but now its under my w2 which are paid through payroll. So my w2 shows 44k but i also have a 1099 for comissions as well for 4k 2. my business which wasnt active last year but posted a loss in 2011 2010. 3) i have 1099 from doing promotional work for another company for 3k.

My wife has 1 1099 my question is if she takes any deductions write offs etc it will hurt me correct.

Hope that clears things up
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

Got approved for 155k I did my taxes this weekend had to pay an extra 600 to fed and 200 to state but I don't have to pay off collections. I am so excited this guy did all his due diligence so I am more than confident he can get the job done!
New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013

Re: USDA help

congrats again!

 

Lender Pull EQ 745 EX 734 TU 722
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

Thank you. Timing couldnt be better for this.
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

I just got "rebucketed" and my score took a 7 point drop is this a problem since the lender already pulled my credit everything else on my report is exactly the same in fact I got an automatic CLI. My utilization is at 4% this puts me below the 640. Does this make a difference if they pull my credit again or are they just looking for changes like high utilization etc.
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: USDA help

It could put a damper on things. But your credit is not always pulled again. It just depends how long from application to closing.
Good Luck
May all your dreams and wishes become a reality!
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

I have 37 pl days till closing so I hope something else brings up my score the credit limit increase isn't reporting yet I literally am 1 point off.
Established Member
MarcPA
Posts: 40
Registered: ‎02-07-2013

Re: USDA help

I had 2 credit cards out of 4 reporting balamce overall util was still below. I am paying one off to show now balance at reporting both should report 7 days that plus when the credit limit increase reports I hope will help. In total my credit cards are 2250 of credit was 1950 so my plan is to to have 70 dollars of a balance on 1 card and to have all others show zero. Will that help at all.

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