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Residency, Social Security or Income in the US
All Government Programs
First-Time Buyer, Rural and Veterans Programs
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To improve your credit scores...
Starting with only...
580 Credit Scores!!!
Don't worry and submit your information
We will help you.
Contact us to analyze your options.
Don't worry and submit your information
We will help you.
Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
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.
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.
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.
Clear Lending helped me to buy my first home and now I just bought my second home. I did not hesitate to contact them again. Joan & Patricia answered all the questions and followed up on my case for a couple of years until I was ready to buy my second home . Thank you for all your support. Merry Christmas.
Thank you so much Joan for all the hard work you put into getting me and my family our mortgage approval. We had a very pleasant experience with your team, very professional and prompt to help. Thank you much!
I cant thank enough all the hard work I have seen all staff do for my approval. When I applied my score was 2 points under the required to have low down payment. They rescored my credit after paying couple of bills and on top were able to negotiate few repairs on the house I was buying. Sellers didnt want to contribute but eventually Joan was able to convince them. I am really happy with my new house and I will be eternally grateful for making this possible.
