Taxes and your mortgage
Your tax return is the most important document in a self-employed file, and the mortgage affects next year's return.
Before you file
Lenders typically use your two most recent returns. Large write-offs, a big Section 179 deduction or a filing extension can change what you qualify for. If you plan to buy, we can map out the effect before the return is final.
After you buy
- Mortgage interest on up to $750,000 of acquisition debt is deductible if you itemize
- Property taxes count toward the federal state-and-local tax deduction cap
- Points paid on a purchase can often be deducted in the year paid
Texas homestead exemption
In Texas, file a homestead exemption with your county appraisal district after you move in. It lowers taxable value for school district taxes and caps future increases in the appraised value of your home. There's no fee to file.
Reviewed by Mustafa Temiz, CPA, NMLS #2450795 · Updated November 2026
Talk to someone who reads tax returns for a living
A short pre-application takes about five minutes. We call you back, look at your numbers and tell you plainly which loan programs fit.