How Business Deductions Could Keep You From Getting a Loan
A steady income stream, a FICO score higher than 780 and an asset base that exceeded the desired mortgage amount: My loan approval should have been straight-forward, right? Unfortunately, it wasn’t.
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While applying for a home equity line of credit, I experienced a snag. My tax strategy of maximizing my business deductions has cost me access to my home’s equity—capital I was hoping to diversify. I was penalized despite the fact that a notable amount of my business’s expenses were paid from an asset—a corporate savings account—not from revenue.
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