Frequent Contributor
creditwatcher2012
Posts: 456
Registered: ‎06-27-2012
Help will be applying for a mortgage soon

Hello, I am fiarly new to this form and if possible would like some adivice as to what I should do for you the experts.

 

I am a self employed General Contractor, I own my own business, I am filing income tax this year for alow 90000 with no deduction(except the ones everybody gets which I think amounts to about 16k), so after starting it on turbo tax I will have to pay 26k in taxes(I am ok with that) my question is, is I havent filed in about 3 years due to the economy and being out of work, and in the past when I did file I had alot of deduction..... so When I file this year for 90k and next year for 90k will I qualify for a mortage.

 

I am looking to purchage a 500k-600k house if at all possible, or if not I will look in the 350.00-400k range.  Based on your experience do you think I will qualify for this amount of mortage and btw I am a first time home buyer (own another home but never obtained a mortgage)

 

My plan is to take a home equity out on my office(other home) to come up with the down payment on my home.

 

Do you have any suggestions when I file my income tax?

 

Also my credit is a 680transunion, and substantially lower on the other two(80+ inquires) hoping they will fall off by the time I buy my house.

 

Credit Cards

Chase Freedom 4k/4k

Chase BP 1700/1650

barclay apple fiancing 1k/950

Merrick Bank 1k/1k

Capital One No Hassle Rewards 500/500

Capital One Platinum 500/500

Credit One Bank 300/200

Target Red Card 200/0

Orchard Bank 400/400

Installment Loan 5k/ 205.00 a month 

 

(credit line, utilization)

 

I have VERRY HIGH utilization now because of christmas shopping etc, and took the loan out to come up with the additional money to buy my son a Rolex for his hs graduation

 

Anyfeedback will help,

 

Thanks