Quote:
Originally Posted by onwebcam
Let me take a guess here. You want a conventional loan and you are self-employed? Anyway, bank statements are far better to use than tax forms. Most people write as much as they can off and unless you know exactly what the underwriters can add back in for income before you file you're at a loss. It will mean a bump to the rate but try bank statements.. You'll likely have to try another lender . Getting an underwriter to forget what they have already seen is like telling the jury to forget about you saying you did it..
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Actually no, Im going with FHA loan and they are not counting any of my 1099 income, only W2... and have myself on W2 employment since August of last year.
There are no red flags that come up, my debt to income ratio is low, credit is solid, more than enough funds to cover the costs to move in, etc., its just this tax transcript bullshit that is holding everything up and now I find out that they will only count what I made from August to Dec of last year as my "income" even though I am a full time employee.
I'm going with an FHA loan since I am buying it myself and dont have 10% to put down. Plus conventional requires a much smaller DTI ratio and any 1099 income is a huge pain in the ass to deal with, so if I keep it just W2 the FHA will be fine.
Honestly this is crap! They've had my info now for well over a month and there is no reason they can't just tell me yes or no. Its not like having the tax documents is going to change their mind