Certain expenses on your tax return—especially depreciation—can often be added back to your income when we calculate your qualifying earnings for a mortgage. Depreciation is a non-cash expense. It reduces taxable income for IRS purposes, but it doesn’t actually reduce the money you earned.
I was having considerable problems getting a mortgage to buy my first home about four years ago. If I was to believe everything I had heard, I was the ideal candidate for a mortgage - young, a first-time buyer and with an annual income of about £30k. Easy! No, not easy, actually. Being young with a leaning towards enjoying myself, I had no savings - nothing to use as a deposit. But what about these 100% mortgages I had been hearing about? Surely I qualified? Oh, there was ...
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