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$95,000
Because I am self employed will the bank look at my AGI not my Gross?
adjusted.
we can add back depreciation though
AGI (adjusted gross income) from line 37 on IRS Form 1040 is never used. It may coincidentally be the same as your qualifying income, but an underwriter won't ever use that line from someone's tax return to determine qualifying income.
If your qualifying income is $95k, payments of $771/mo, then with 5% down on a $350k sales price in the NW Detroit area, the debt to income ratio would be in the low 40's, which would qualify. However, I as detailed in my other reply to you, self-employment income calculation isn't so straight-forward. Your loan officer should be able accurately calculate the self-employment income for you, as well as should be able to "show their work" to you if you ask.