Josh Harmatz

Mortgage loans are becoming increasingly difficult to qualify for. Debt to income ratio’s are tighter, home valuations are more conservative, and underwriters are extremely cautious. If you have been turned down for your mortgage loan in the past year, their may be a light at the end of the refinance or purchase tunnel; it’s Tax Time!

For all those self-employed borrowers, a fresh chance to fill out your Schedule C or new K1’s, and qualify. For those of you that own multiple properties and the lender couldn’t use your lease agreements, you get a new Schedule E to work on. While I can’t tell you to scew your taxes to qualify for a loan. The way you file and the amounts you claim can greatly change the way we qualify you for a loan.

Remember that as long as 2009 has an increase in income we can average out the last two years. If 2009 is lower than 2008, we will have to use the lower of the two years (2009) income to qualify.

Hope this tax season brings a smile to someone’s face…I doubt it will for me ;(