Video Overview – Schedule C Income Calculations
Wondering how to maximum the accurate amount of income to qualify your independent contractor, sole proprietor, or single member LLC borrowers that use the schedule C to report income? Today’s video goes over the Schedule C and C EZ tax forms and how to calculate the income based on FNMA/FHLMC conventional loan income guidelines. We will complete a full review all of the lines that apply to mortgage underwriting such as depreciation and at home expenses and take a deeper look at some items on page two of the schedule C that many mortgage professionals overlook that could add hundreds if not thousands to your borrower’s qualifying income, changing your decline to approved. Stop guessing what income would be acceptable to FNMA/FHLMC this video will help you understand all the guidelines outlined in FNMA Allregs section B3-3.2.1-04 and FHLMC Seller Servicer Guide volume 1 chapter 37 self-employed borrower. After we take you through “the how of reviewing schedule C” we will also show you a tool in action that finally brings mortgage income calculations out of the 1990’s excel spreadsheet realm into the 21st century with our custom built software.
Enjoy the video, please feel free to leave you comments or questions for our team!