Forgive me if this isn't in the right spot.
My husband and I are hopefully going to be purchasing our first home this summer. We've been looking casually, just haven't found anything we like yet.
Of course, the way our income works with daycare, we get to claim so much that it makes our income low. Last year, I made $27k and by the time everything was claimed, I think I "made" $8500.
How bad will this hurt us when we go to get preapproved for a loan? My husband makes around $45k. Will they look at my $27k income, or will they look at the $8500? Obviously with the $27k, we'll be approved for a higher mortgage limit. And we all know I make more than the $8500 the IRS says I make. I just want to be prepared for when we are ready to sit down with a loan officer.
Thanks!
My husband and I are hopefully going to be purchasing our first home this summer. We've been looking casually, just haven't found anything we like yet.
Of course, the way our income works with daycare, we get to claim so much that it makes our income low. Last year, I made $27k and by the time everything was claimed, I think I "made" $8500.
How bad will this hurt us when we go to get preapproved for a loan? My husband makes around $45k. Will they look at my $27k income, or will they look at the $8500? Obviously with the $27k, we'll be approved for a higher mortgage limit. And we all know I make more than the $8500 the IRS says I make. I just want to be prepared for when we are ready to sit down with a loan officer.
Thanks!
Comment