1099 Truckers, Mortgages

That’s typical example from my own experience.

 

I used to know all the ins and outs. Used to get stated income mortgages at around .25% higher rate.No problem. Last Mortgage 6 yrs ago was a rude awakening. So many new rules and responsibilities put on Underwriters. Actually got dropped at last minute by Idiot I trusted.My agent warned me as Mortgage Guy had me facing all sorts of things really wasted my time.Luckily with help of Profit and Loss statement ( It was around this time of year) Had 1 yr @ 45 k and 1 yr @ 30 k had to explain 2 transmission replacements in 1 yr as reason. Really only re- installed Trans. Besides point.Once they got the Profit and loss estimate for. $65000 which I thought would get the whole loan thrown in the trash. Nope it flew through. Didn’t quite hit the estimated P+L statement. But that’s after the fact. I Luckily found a great Loan originator at last minute.Had a hard time though based only on bottom line of tax return.Typically only depreciation is allowed to be added back into the wages you paid taxes on.Ive been out of depreciation for years. Never had such a problem as this last time around. You have to give them what they want, so they’re not liable from what I’ve seen. Good Luck.