Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Help will be applying for a mortgage soon
[ Edited ]

Even if no tax was owed, you still will need to file for previous years. I'd do that now.

 

When your lender looks at your income, they'll look at your net income only on your Sch. C (assuming you are a 1099er vs. paying yourself a paycheck) instead of factoring in the gross. Be careful of how you file. Your lender will also look at the prev. year at least.

 

Not sure on the DTI. Seems like it could be too high on the $500k range.

 

Pay off the balances ASAP.

 

Opt out.

 

ETA...I'd delay the car purchase until after the mortgage closing.