Thanks Gingko100. When you applied to refi, did the lender explain exactly how they calculate income and debt-to-income ratio for sole proprietors?Do you know if the lender includes depreciation deductions as part of the income used to qualify? That would up my qualifying income by a couple thousand.I know that if a lender uses average credit card balance to calculate debt-to-income ratio, I don't meet the 40% number. I pay the cards off every month, but my average credit card balance is high since I charge everything. If they use minimum required payment, I should be fine.
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