DW and I are looking to buy a home in the future. Both she and I have W-2s with enough income showing on them to buy a home. However, aside from that, we also get income on a number of 1099s via my biz that soon will surpass the W-2 income. To offset the biz income and to lower our tax bill, we are always upgrading phones, computers, printing, travel, hotels, etc. Of course, all of this is reported on Sched. C on our 1040.
When getting a mortgage, if our W-2 income is sufficient, would the lender still look at profitibility (we showed a small profit in 2007)? Two years ago, I had a loss. Would a lender ever consider a prev. loss and look at that as a negative? Or will a lender look only at the W-2 and ignore Sched. C?
Edit to clarify....our job income has nothing to do at all with the 1099 income we receive. There is no relationship between the companies (other than DW and I are employed by the same company).
Message Edited by llecs on 01-13-2009 09:51 AM
