DU Approved but still nervous

[FlaStorm]

Hello all. So I have been approved by the Fannie Mae DU underwriter but still have this one nervous thought. I am self-employed and $63,000 of my $78,000 income is in the form of a 1099-MISC. The rest is in undocumented cash. I paid taxes on the $78,000 but am worried that once the underwriter sees that not all of the total income comes from the 1099 that there will be questions.

Should I be worried? Thanks!

[kc0039]

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@FlaStorm wrote:

Hello all. So I have been approved by the Fannie Mae DU underwriter but still have this one nervous thought. I am self-employed and $63,000 of my $78,000 income is in the form of a 1099-MISC. Do you have two years history of this? Is it schedule C? We do a 2 year average on this.You should be fine

The rest is in undocumented cash. I paid taxes on the $78,000 but am worried that once the underwriter sees that not all of the total income comes from the 1099 that there will be questions. There should be history that the undocumented cash was put in because of business. It would show on your bank statements because you probably will have to create a letter of explanation for large deposits

Should I be worried? Thanks!

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[H-B]

You can ask your lender to underwrite file on TBD, that will give you assurance to close on time.