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What line of my taxes will a lender be looking at for a mortgage?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi ka,

Welcome to this forum.

Your question is not clear to me. Are you asking what are the taxes you need to pay when you go for a mortgage?

Thanks,
Larry

jenkin7 · Posted: Fri Nov 30, 2007 4:49 am Post subject:

Hello Ka,

I'm not getting your question.

Do you want to know how the lender will consider your tax returns for a mortgage approval or is it about the tax deductions that you get on your mortgage interest? If you could clarify this, it will help us to reply to your query.

jasonredding · Posted: Fri Nov 30, 2007 12:43 pm Post subject:

I am assuming you are self employed and are talking about your income tax return.

If you are speaking of your income taxes each lenders looks at in one of two ways. If you have a good mortgage professional and a good underwriter they will calculate the way that benefits you the most. If you want to look at it yourself for the quickest and easiest calculation method look at line 31 and add back depreciation. There is a more complicated formula that is also used and it is best to have who ever you are working with figure that out.

Best of luck and if you wish to divulge more information about your situation everyone here will be more then happy to help.

livinginnky · Posted: Fri Nov 30, 2007 12:45 pm Post subject:

Welcome ka!

It depends on the lender. Different banks and different programs use multiple ways to calculate your debt to income ratio.

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What line of my taxes will a lender be looking at?