Investor · Marysville, WA · Member since 2016 · 13 posts · 2 votes
Hopefully anybody can help me understand this, I applied for a loan with a lender and looked at my 2016
Tax returns and told me my dtir was to high, when he explained to me that my taxes showed a loss that on paper I had too much debt, even he knew and I knew that I can afford to get the loan, my question is how then is that of any benefit if my tax breaks are going to keep me out of the market and how do I overcome this? Any thoughts or ideas will great, thank you
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y
@Oscar J Osorio Great question. its a double edged sword. The more you can hide from the IRS the less appealing you look financially to a bank but the more you keep in your bank account and the less Uncle Sam will get. The downside is you are capital deprived. meaning you cant grow without the ability to borrow money.
Your financials have to start to look better. You need to make more money and show more income and less debt. its that simple. Your credit score has to be over 700 or at least that will help and you need show more of a NET household income at the bottom of your tax return. Sorry but there is no other way around it. This wont happen overnight and may take years accomplish. Work with a really good accountant to help you.