Business depreciation added back in as income for a mortgage
I am in the mortgage business and have been in it 4 years. I have a borrower that is short on their income on their application. Of course this is common for many business owners because they take so many deductions to reduce their tax liabilty...
They do have equipment and I know depreciation can be counted in as income... but what is the calculation for that? I have a profit and loss for the past 11 months but id doesn't seem to add depreciation back in...
If not, then what lender will do a 95% CLTV, 2nd home, 30 year fixed with an interest only option on a non-warrantable condo...
Any assistance would be appreciated.
CCrowe
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