what do lenders look at to pre approve you for a mortgage loan when you are self employed?
I am self employed and own a LLC. Our gross income was 150,000 for 2008. We paid out 50,000 and wrote off 55,000 as business expenses. We wrote off the 60,000 as business expenses so we wouldn’t have to pay as much in taxes since our tax guy found ways to write off a lot of things. On my tax return it shows my income was only 45,000.
So I guess what I’m getting at is when the lender is looking at what you made do they take into account that I own a LLC? Or do they just see that my income was 45,000?
My fico score is 731 as of right now if that makes a difference.