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In regards to an FHA loan, when showing the last two tax returns (1099 net income), does the lender pretty much always look on these two years equaly? What I mean is, will this coming filing (2012) carry any more weight in a lender's eyes than my 2011 (since it is the more recent year) or is it the past 24 months averaged regardless of what the more current year shows. Thanks
They average it out over 24 months but it's also important that the recently most year is not lower than the previous year. So if 2011 was $50k lets say, then 2012 should be at least the same amount.
Thanks Mike. I'll be a little more "conservative" in my deductions for 2012.