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Wells Fargo underwriter , how will he calculate my income?

New Contributor

Wells Fargo underwriter , how will he calculate my income?

from 1040 form this is whats reported

 

2010  28364$ gross income self employed

2011 26985$ W2 + schedule C 16139$ , total gross income 43912$

2012 23498$ (that's currently on my last paystub) +  profit or loss 16302$

Somebody from wells fargo call my place today to verified W2 employment but how about selfemployment? will they include that too?

4 REPLIES
New Contributor

Re: Wells Fargo underwriter , how will he calculate my income?

can I get some reply here? I'm starting to getting nervous while waiting  for Wells Fargo UW

Valued Member

Re: Wells Fargo underwriter , how will he calculate my income?

They will look at all of your income and ask you to sign a form T4506 to verify what your reported on your taxes with the IRS. It is nerve racking but Wells Fargo wants you to get approved. That is how they make their money. They just need to be more careful after the mortgage meltdown.

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New Contributor

Re: Wells Fargo underwriter , how will he calculate my income?

well I sign application on sunday 11/04 and they call my employer W2 allready on friday 11/09, but how about my selfemployment ? will they include income from selfemplyment too?

Valued Contributor

Re: Wells Fargo underwriter , how will he calculate my income?

Call you LO and ask him all these questions that is what he is there for.

 

edit...or her

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