1. Mortgage Credit Scores: 732
2. Credit Negatives: None
- Miscellaneous:
- 10 years established credit
3. Gross Income. Gross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income. $95,000
4. Source of income. Where is the income coming from? List each source.
- Employment: Self Employed
- W2: $38,000
- K1- $40,000
- Rental Income: $20,000
5. Monthly debt payments. Student Loan Payment: $771
6. Employment (for those who are employed). - Type of employment: self-employed
- How long: 2 years
- How long: 10 Years
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
- Michigan
- County(s: Oakland
- City or zip(s): Not Sure Yet
9. Property Description: - Is it a single family house,
- 10. Property Value.: Not Sure yet
- Purchase transaction: Looking to purchase around $350,000
11. Occupancy.
Because I am self employed will the bank look at my AGI not my Gross?
