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2 Years Average Income?

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Anonymous
Not applicable

2 Years Average Income?

I'm self emplooyed since 2013, annual gross income in 2015 is $105K, 2016 is $215K (expected to file return soon), projected 2017 would be about $250K

I underestand that for mortgage loan LO's consider last 2 years income average which is $160K (avg of 105K & 215K) and that my laon amount will be approved based on this income. I have 0 debt - no card balances or auto loans.

 

When income is growing can we ask LO to consider projected income as well so my average income shows more than 200K? 

 

I want to get approved for bigger loan about 800K this year and lock the interest rate as opposed to wait till next year and pay higher interest rate (as rates are expected to grow this year)

2 REPLIES 2
azsandshark
New Member

Re: 2 Years Average Income?

Get a mortgage broker to run your file they LP (loan prospector). If they get an automated approval you can quailify with just one year of tax returns.
Message 2 of 3
H-B
Regular Contributor

Re: 2 Years Average Income?

The UW can consider income for 1 year tax return if you have history of increasing every year. Its all depend on UW. You can ask lender to do full approval on TBD property, although very few lender offer this service. 

Message 3 of 3
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