As it turned out, my accountant had done a little too good a job limiting my taxable income on my last two tax returns, so they didn’t meet Mattamy Home Lending’s requirements. (Be careful with your write-off’s if you will be applying for a home loan in the next year! You may need to pay more taxes than you’d prefer!)
Although this appeared to be a hick-up at first, as I started looking at my options, I discovered that one of my favorite lenders, SWBC Mortgage, is a back-up preferred lender for Mattamy Homes, and my inability to qualify with their in-house lender allows me to use another preferred lender of my choice and still qualify for my incentive. In my case, what looked like a bad outcome actually will save me some fees in the long run! SWBC will base my final approval on one year’s tax return, and since I won’t close until next Spring, it can be my 2018 return. Hallelujah! Now all I need to do is sell enough houses by the end of the year and limit my expenses to show the required income on this year’s tax return.
Crisis averted—I’m Pre-Approved and able to move forward!!