Re: FHA loan question
01-26-2013 01:37 AM
Actually I did not show positive income for the two years previous they are looking at an average income via bank statements as they could see capital purchases such as vehicles being purchased for the corporation. They see there is income and assets but the loss which the accountant helps you make sure will show on the business is then written off as a loss carry forward for the shareholder to reduce the adjusted gross income. They stated that without the large reserves and assets they would have rejected my loan so yes a loan with showing losses on tax returns can be done but it is not an easy process only way to know is to try.
And who knows I am not through underwriting yet so they still could shoot me down you never can tell but I got my first round of conditions and satisfied all so we will just have to see what the underwriter comes back with.
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