How much money do you have left when you live in Prescott Arizona. A recent study published show’s where Yavapai County stands in the ranks. After the utilities are covered, the rent is paid, taxes are deducted and spending on necessary items is made, how much money is left over to either save or spend?
For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.
Employment in Prescott Arizona
Sometimes the job market in Prescott can appear challenging. If self employment is not your thing- the Yavapai Medical Center or the many Colleges in Prescott employ many area residents. Here is the link to the City of Prescott’s website showing a more extended list of the larger employers in the Prescott area.
Money in Prescott from Self-Employment
If you are considering a change to self-employment before buying a new home, don’t do it. Buy the home first.
Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.
If you are considering changing your business from a sole proprietorship to a partnership or corporation, you should also delay that until you purchase your new home.
Prescott Real Estate Team – Julie and Dennis Jennings
Let us be your Prescott real estate professional. We will help you find your dream home in Prescott. Remember, if you like any of these site built single family homes. We can schedule a time to view the site built single family homes with you. Contact us, Julie and Dennis Jennings.
Moving to Prescott?
You are in the right place. Our number one priority is to produce the best Prescott search results. Always according to your wants and needs. For the best in the Prescott area, Contact us today. We will gladly get you any real estate info about the Prescott area.