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FHA Loans and self employment.

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FHA Loans and self employment.

Anyone have any info on this?

I am self employed but my tax returns show I make less than I actually do, do to write-offs and deductions.

When getting a mortgage, do lenders look at bank statements too?

I was also told my CU does not do FHA loans, but work with a 3rd party.

Is this normal?

My fiance is listed on my checking account and our total income last year was $40,000 or about $3300 per month.

The houses I am looking at would be about $810 a month with the mortgage, property insurance, mortgage insurance and property tax included (home price $125,000).

Is a $800 morgtage payment possible on a $3300 combined monthly income?

 

 

 

 

 

 

 

 

Credit Card companies have a name for those who pay their bill in full each month: Deadbeats
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Valued Contributor

Re: FHA Loans and self employment.

Use a DTI calculator to find out if your numbers will work

https://www.nerdwallet.com/blog/loans/calculate-debt-income-ratio/

 

as for your first question I belive Shan answered a similar question in this thread. Hope it helps

https://ficoforums.myfico.com/t5/Mortgage-Loans/Self-employed-tax-return-income-line-for-mortgage/td...

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