Help will be applying for a mortgage soon
12-27-2012 01:28 AM
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.
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,