Kentucky First Time Home Buyer Programs For Home Mortgage Loans

What income is okay for a mortgage loan approval? I have put together some information to help assist you in answering some questions about qualifying for a mortgage loan when it comes to your job history and income.  Wage Earner: -2 year history of employment unless college/training recently completed and borrower is employed in field -Most recent paystub showing 30 days of earnings -2 yrs W2s -If working for family owned business tax returns required -Borrowers who own 25% or more of company are considered self-employed -In cases of skilled employment may use letter of hire if borrower hasn’t started job. Must be guaranteed, nonrevocable, and start work within 60 days of closing. Borrow must have sufficient funds for living expenses until then. Self-Employed -Two year history of self-employment -Two years tax returns + YTD P&L Commission Income -Two year history required w/ few exceptions -If more than 25% of income is from commissi...

Posted: 21 Mar 2017 02:36 PM PDT Are Mortgage Points Tax Deductible? By: Dona DeZube Published: August 15, 2016 When you took out a mortgage to buy your home, did you pay points? You may be able to deduct that prepaid interest on your federal tax return -- but only if you meet a long list of rules. The points you paid when you signed a mortgage to buy your home may help cut your federal tax bill. With points, sometimes called loan origination points or discount points, you make an upfront payment to get a particular rate from the lender. Since mortgage interest is deductible, your points may be, too. If you itemize your deductions on Schedule A of IRS Form 1040, you may be able to deduct all your points in the year you pay them. Some high-income taxpayers have their total itemized deductions limited, including points. You can read more about that in the instructions for Schedule A. Lucky for you, the IRS doesn’t care whether you or the homesellers paid the points. Either way...