Schedule C is the form used in your federal tax returns that reports income you've earned when you are self-employed or are paid via 1099 (as opposed to a W2).
With part-time gigs and side hustles like ride-sharing, freelance work or consulting, blogging, house-sitting and dog walking you will receive a 1099 at tax time for the money those jobs earned you.
Because that income is reported differently and can have expenses written off against it, we need to take a closer look at your returns to determine what your actual qualifying income is. We also need to show a 2-year history of that income in order to count it towards the income you can use to qualify for a mortgage.
Therefore, in addition to the regular documentation needed, we also need all pages of your last 2 years' tax returns.
For more details on the mortgage process and documentation, listen to episode 6 of Erin's MortgageCast podcast.
Additional Resources
- Greenway's $100 Down Payment Mortgage with Renovation Financing
- [VIDEO] Q&A with ETE (FB Link)
- [VIDEO] 5 steps to mortgage qualification (FB Link)
- (BLOG) Why Pre-Approval Should Be Step One for First-Time Home Buyers
- Get pre-approved: ecarvelli.greenwaymortgage.com/prequalify
- Mortgage payment calculator
- Erin's mobile app: ecarvelli.mortgagemapp.com
- With an on-the-go payment calculator and pre-approval request
- Or text: ETE to 36260
- Website: smt.greenwaymortgage.com
- GreenwayMortgageAtTheShore on Facebook.
- GreenwayMtgSL on Twitter
- LinkedIn: Erin Carvelli
Are you a first time home buyer?
Consider downloading our FREE homebuying guide specifically for those new to the process. It's packed with useful information, checklists and tip sheets to get you off on the right foot.
Are you ready to take the next step?
It's time to get pre-approved with Erin the Expert!
