Mon - Fri 10:00 am - 7:30 pm / Sat Appointment Only

Too many deductions on your income taxes?

 

Have you ever been denied a mortgage loan due to tax write-offs?

As we get ready for tax season, we put together our W-2s or 1099s, maybe some medical expenses, our children education expenses and all receipts we’ve been collecting throughout the year so our CPA or Tax Preparer can claim them in the form of deductions to either get the fattest check back or simply pay the least possible taxes to Uncle Sam.

taxes1040_2_448 

For the most part, any expenses claimed on tax returns may help save on taxes due, but did you know it can also reduce or even kill your borrowing ability?

In simple terms, the use of deductions reduces your qualifying income by the same amount of deductions reported. So for instance, a wage earner who reports $60,000 on his/her W-2 and who also reports unreimbursed employee expenses of $20,000 for that same year, his/her qualifying income will be reduced to $40,000. This will definetely affect person's borrowing ability. 

While for self-employed borrowers the criterion is the same, there are more options as certain deductions not available to wage earners may not reduce qualifying income while do reduce taxes due.

loanapplicationdeniedwide_501   

This is why as we get into tax season whether you are a wage earner or self-employed be sure to contact us to share your coming plans as well as talk with your CPA or Tax Preparer ahead of time to let them know you are looking to get a mortgage loan. This way, you can strategically prepare your taxes, preserving your borrowing potential and still maybe saving on taxes as well.

At Clear Lending, we will conduct a free analysis helping you understand your chances of qualifying for a mortgage based on your current filed income documents. Simply contact us and we will help you understand key areas of concern you may want to consult with your CPA or Tax Preparer before filing your taxes so your plans to purchase a home in the near future are not shattered. 

Please take this information into account in the coming tax season. 

Don't wait any longer and find out how much you can get Pre-Approved for.

Whether you are considering purchasing or refinancing an existing mortgage loan, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you. 

This advertisement is not an offer for an extension of credit. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.


Customers Reviews:

  • Atasha Alfred • October 03, 2017

    Joan is simply amazing! He truely cares about his clients and works day in and day out to ensure they are satisfied. We used a VA loan and despite the credit hiccups we have had in the past he was able to assist us and give us a better rate than was offered by other lenders. Joan showed us that mortgage lenders are people too and he really understood our circumstances and our need to be able to close soon after contacting him. He is simply the best and we would recommend him to anyone else using a VA home loan or any other type of home loan.

  • Debra Goss • July 09, 2017

    Definitely would recommend this company to anyone trying to get a home. Joan with Clear lending really helped us to close on a home after previous attempts to get a home prior did not go work out. They really worked with our situation and made it possible for us to get our first home. He took the time to answer all our questions and concerns. He was also honest and sincere in his feedback. And For that my husband and I are forever grateful! We were losing hope thinking we wouldn't be able to ever get approved, but clear lending gave us hope again. Thank you clear lending for all your help and making it possible for us to get our first home!!!

  • Glenda Alvarez • May 05, 2015

    Joan I really appreciate all the patience you had with us. You gave us hope after we had a bad experience with our bank making sure our loan was first approved before looking for a house. This really brought our hopes up. You made sure houses we went to see met our expectations. Then no matter how late at night or early in the morning you would answer all our calls. Even when we signed the contract on the house you would still keep in touch with us and made sure everything was good. I will be referring you everyone I know and our next home purchase is going to be with you. Thank you so much Joan.

Get Your Very Latest Rate Quote Now!

If CELL Phone number is not valid we will not email your Quote