Investor · Member since 2018 · 47 posts · 20 votes
Hello,
I have filed for an extension for my 2021 tax returns and want to apply for a second mortgage so i was hoping to get an answer if possible.
My current W2 income does not allow me to get a second mortgage because of the DTI ratio and the only way i can qualify is to use my income from Airbnb.
I had 20k income in 2021 from airbnb, but also had expenses like maintenance and mortgage payments etc of around 15k.
So, if i want a second mortgage, do i not show the expenses on my tax returns to show the full 20k income?
I am super confused on weather the Banks use the gross or the net income to qualify for mortgage?
I also do not pay a ton of taxes without showing the deductions unnecessarily . Just trying to find the right balance and qualify for the second mortgage.
Have you looked int DSCR loan product? It's a type of mortgage that does not take DTI into consideration. Not all lenders offer this, but you can get in touch with https://www.the1brokerage.com/ to see if they can help you.