Having an precise panic assault, can somebody assist? : personalfinance

by akoloy


TL/DR We have a strong credit score historical past with an honest earnings, however began a enterprise in 2020 and with writoffs took our taxable earnings to 18k. We are in pressing want of a mortgage as my landlord is promoting our home.

Ok, so my state of affairs is a LITTLE sophisticated.

My husband is army, makes an honest earnings, and in November of final yr we began a house based mostly woodworking enterprise.

This morning, my landlord informed me with the housing frenzy, he might be promoting my home on the finish of my lease. This is superior for me, as a result of I’ve been wanting to purchase it for the 7 years I’ve rented it as a result of it has an enormous workshop, however since we’re nice tenants and he makes cash with our hire, he hasn’t been till now. But there’s an issue…

The good: we now have respectable credit score (mine is on the decrease finish, 670, his is within the 720s), and we now have nothing in collections and no derogatory marks on our credit score. We have a strong rental historical past for 7 years, and his earnings is about 100k internet. (Much of army pay earnings is not taxable so taxable is often like 60k)

The unhealthy: we began our enterprise in November, and acquired tens of hundreds of {dollars} in tools. It introduced our 2020 taxable earnings all the way down to 18k for the yr with all of the tools write offs. Also, we now have fairly a little bit of bank card debt. Before I met him I used to be identified with most cancers, could not work and lived off my bank cards, and he took on a few of that debt after we bought married. Right now it is about 23k in debt.

Sooo….due to that taxable earnings, am I in scorching water? Is ANYONE going to approve us? I’m not even fearful about it being a excessive charge as a result of I can refinance ASAP as soon as we file 2021 taxes (and our enterprise has been decently worthwhile, which is able to make our taxable earnings nearer to 85k)

We should not able to maneuver, as we now have a complete store arrange right here within the 5 automotive storage, and won’t discover something in our finances to hire that has a store…

Someone PLEASE assist. I’m actually day ingesting freaking out.



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