Urgent, Help!

[daycarediva]

We are just getting ready to close on our new home loan. They countered our offer and we accepted, it's a difference of 3,000. The underwriter has now come back and said our debt to income ratio is off by just about $300/month to approve the loan. (two mortgages- we can't buy on the contingency our home sells because we need to be in our new home and finish it/have it licensed before I can move out of our current home).

I added my food program income, which they may or may not accept, and my husband and I both filled out YTD profit and loss statements (we are doing well this year and will have a higher profit). We are also offering to put down the difference of 3,000 for down payment to cover that.

I read somewhere that that Tom recommended doing a revised schedule C? I've looked and looked and can't find the info. Would that be extreme over $3,000?

[Blackcat31]

We are just getting ready to close on our new home loan. They countered our offer and we accepted, it's a difference of 3,000. The underwriter has now come back and said our debt to income ratio is off by just about $300/month to approve the loan. (two mortgages- we can't buy on the contingency our home sells because we need to be in our new home and finish it/have it licensed before I can move out of our current home).

I added my food program income, which they may or may not accept, and my husband and I both filled out YTD profit and loss statements (we are doing well this year and will have a higher profit). We are also offering to put down the difference of 3,000 for down payment to cover that.

I read somewhere that that Tom recommended doing a revised schedule C? I've looked and looked and can't find the info. Would that be extreme over $3,000?

Just call Tom Copeland directly or e-mail him.

He puts his contact info out there for that reason

http://tomcopelandblog.com/about-tom

[TomCopeland]

loan

We are just getting ready to close on our new home loan. They countered our offer and we accepted, it's a difference of 3,000. The underwriter has now come back and said our debt to income ratio is off by just about $300/month to approve the loan. (two mortgages- we can't buy on the contingency our home sells because we need to be in our new home and finish it/have it licensed before I can move out of our current home).

I added my food program income, which they may or may not accept, and my husband and I both filled out YTD profit and loss statements (we are doing well this year and will have a higher profit). We are also offering to put down the difference of 3,000 for down payment to cover that.

I read somewhere that that Tom recommended doing a revised schedule C? I've looked and looked and can't find the info. Would that be extreme over $3,000?

Don't amend your Schedule C. Add back into your profit any home depreciation or other depreciation you claimed since this does not represent cash outlays each year. I've written about this here: http://tomcopelandblog.com/cant-get-...it-small-now-2

[daycarediva]

Don't amend your Schedule C. Add back into your profit any home depreciation or other depreciation you claimed since this does not represent cash outlays each year. I've written about this here: http://tomcopelandblog.com/cant-get-...it-small-now-2

Tom, you're a lifesaver! My lender accepted that, and we paid off our vehicle loan (which we planned to do before paying two mortgages anyway). Our DTI is great now. PHEW! happyface