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CPAs and Loan Officers

Allison Carroll – Academy Mortgage Corporation

Most people dread doing their taxes and applying for a home loan to about the same degree. Let’s face it, between the IRS and current lending regulations imposed largely by the Federal Government, it can be a complicated process. As you get ready to do your taxes this year, it’s important to let your accountant know if you think there’s even the slightest possibility you might get a home loan to purchase or refinance a home. This is a great time of year to let your loan officer and accountant collaborate to make sure both are helping you move towards your personal and financial goals.

Here’s a partial list of common aspects of your taxes that you and your accountant might not think twice about, but your loan officer sure will: unreimbursed employee expenses; losses or low earnings on rental income, farm income, partnerships, corporations or self-employed income; writing off interest and property taxes on a home you do not own.

None of us wants to pay taxes, and our accountants know that. The problem right now is that the government is involved in almost every loan we originate. Fannie Mae, Freddie Mac, VA, USDA, and FHA loans are all government-sponsored entities to some degree. I always tell my clients that if you don’t pay taxes on the income, the government doesn’t want to let you use it to qualify for a loan and substantiate your ability to repay a mortgage. Paper loss or not, it’s that cut and dry.

It’s important to use local accountants and lenders, so they can work together to help you. If you call a loan officer and, in order to issue a pre-approval, they simply ask you what you make instead of asking for documentation so they can calculate your income, hang up the phone. You’ve reached a drive-thru attendant, not a loan officer! A good, local lender will be thorough to make sure you have realistic expectations about the loan process and the amount of your pre-approval. Your local loan officer will be invested in your personal success, helping you reach your goals, and sustainable lending. We’re members of the community and we love helping our neighbors, and so does your accountant. After all, we’ll be seeing you and your kids next week at the grocery store.

Why should you join a Chamber of Commerce?

by Mary Guardiola, CEO

Do you want to grow your business? Being part of a chamber should be part of your business plan. As a Chamber member you are part of a larger group of business owners to get advice, network, support local community and grow your business. Chambers are for you even if you don’t typically do business with people in Stanislaus County. You can meet those that export products, make equipment, have access to business machinery, and you never know who the person you meet today will know.

All Oakdale Chamber members have a website link from the Oakdale Chamber website. This is one of the top landing pages for all visitors www.oakdalechamber.com.  This link will help boost your internet rankings. Networking and partnerships is about building relationships. People want to do business with people they know. Your goal is to increase the contacts you make as being a Chamber member and the relationships you build because of the Chamber. Attend when you can Chamber sponsored events to start building those relationships. Being part of a smaller community means those you meet at Chamber events are not all business owners but residents. Those residents need your products or services also. The Oakdale Chamber is a resource for your business: HR compliance products, marketing, training, networking, community information. Use the resources available to you.

If you would like more information about Oakdale Chamber benefits and investment please call the office 847-2244 our qualified staff would be happy to meet with you.