Fha Mortgage Loan Approval Question…?
I would like to get an FHA loan to purchase a new home. I work full time in a salaried position and I also am self employed part time for extra money and to build my savings (These earnings are about $5,000 a year and I only have tax returns and a journal to show proof of this income) . I pay taxes on my self employment earnings but do not want this money figured into how much I can be approved for. Is this possible and will my records be a problem for loan approval?
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You will probably need to furnish your tax returns for the loan so your self employment income will be available. As long as it isn’t a loss, you should not have any difficulty. Just because you are approved for $200,000, doesn’t mean you have to spend $200,000. Buy what your are comfortable with.