Last two years tax returns...and income this year

jessica04 · ‎07-02-2012

When the mortgage lender asks for the previous 2 years tax returns are they using that income for the basis of what amount of loan you qualify for? The reason I ask is because I'm wondering what happens in the situation where someone made the same amount for last 2 years but this year their income is 10,000 more annually? Do they use your current income?

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tooleman694 · ‎08-25-2011

I think they are going to average it out.

basballguy · ‎02-20-2008

why wouldn't they use your paystubs?

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namvet · ‎09-22-2011

When a mortgage lenders asks for the last 2 years tax returns and year to date income, it usually means that the borrower is self employed. The income used to qualify is averaged.

jessica04 · ‎07-02-2012

I have never been self employed, but they want 2 years tax returns, w2's, and last two paystubs

Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
703
On November 17, 2012

Goal Score: 720+

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tooleman694 · ‎08-25-2011

They wanted 2 years from me too, and im a W2.

Draco007 · ‎01-24-2008

They are also looking for non-reimbursed business expenses you may have taken as deductions. They subtract these from your income when qualifying.

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Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year

Re: Last two years tax returns...and income this year