Hi everybody. Long time member/staff member checking in with a question. I’ve been super busy and have lost track of the community at large. Anyway, long story short I am self employed, and have been for going on three years. It’s about time for us to upgrade our housing situation, as I have two teenagers, a preteen, and a younger child. We have outgrown our home.
Anyway, my main question is in regards to how income is looked at as a self-employed borrower. Current home balance is $52k, worth probably $95k in this market. That would be sold. Do lenders look at gross income before any deductions? Something else? We are very early in the process, I just want to equip myself with the knowledge necessary before going much further.
Thanks in advance Creditboards family!