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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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How did your lender calculate...
your income?
For example, did they have you submit two years of tax returns and do an average?
Or did you submit 2 recent paystubs and use your current salary?
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Posted 7/3/06 12:14 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: How did your lender calculate...
lenders do different things. For one mortgage through Chase they wanted 2 years tax returns. One mortgage through Wells Fargo wanted most recent pay stubbs and last year's w2s.
Both wanted bank account statements from the last two months.
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| Posted 7/3/06 12:19 PM |
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justme1
Proud SAHM
Member since 5/05 1955 total posts
Name:
Jodi
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Re: How did your lender calculate...
Message edited 5/3/2007 6:11:30 PM.
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| Posted 7/3/06 1:39 PM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: How did your lender calculate...
Posted by Meaghan729
your income?
For example, did they have you submit two years of tax returns and do an average?
Or did you submit 2 recent paystubs and use your current salary?
they requested our tax returns but our "income" was calculated by what we make today.
2 years ago my dh (the breadwinner) made 30K less than what he does today. 1 year ago he made 20K less than what he makes today. his "raise" was about 9 months ago when we aplied for the mortage, we supplied w-2 to prove the new income level.
requested paperwork (standard) included:
1 month's worth w-2
2 year tax returns
bank statements (they made copies of)
ids
we also submitted other non-standard things including a written paper on why we had a credit prob 3 years ago, things from his work etc.
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| Posted 7/3/06 5:05 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How did your lender calculate...
Posted by maryg
Posted by Meaghan729
your income?
For example, did they have you submit two years of tax returns and do an average?
Or did you submit 2 recent paystubs and use your current salary?
they requested our tax returns but our "income" was calculated by what we make today.
2 years ago my dh (the breadwinner) made 30K less than what he does today. 1 year ago he made 20K less than what he makes today. his "raise" was about 9 months ago when we aplied for the mortage, we supplied w-2 to prove the new income level.
requested paperwork (standard) included:
1 month's worth w-2
2 year tax returns
bank statements (they made copies of)
ids
we also submitted other non-standard things including a written paper on why we had a credit prob 3 years ago, things from his work etc.
thank you! that was the answer I was looking for. Im sure if you work on commission they want an average - but both FH and I are salaried and I make 2x as much as I did two years ago (i was in college, lol)
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| Posted 7/3/06 6:37 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: How did your lender calculate...
Posted by Meaghan729
Posted by maryg
Posted by Meaghan729
your income?
For example, did they have you submit two years of tax returns and do an average?
Or did you submit 2 recent paystubs and use your current salary?
they requested our tax returns but our "income" was calculated by what we make today.
2 years ago my dh (the breadwinner) made 30K less than what he does today. 1 year ago he made 20K less than what he makes today. his "raise" was about 9 months ago when we aplied for the mortage, we supplied w-2 to prove the new income level.
requested paperwork (standard) included:
1 month's worth w-2
2 year tax returns
bank statements (they made copies of)
ids
we also submitted other non-standard things including a written paper on why we had a credit prob 3 years ago, things from his work etc.
thank you! that was the answer I was looking for. Im sure if you work on commission they want an average - but both FH and I are salaried and I make 2x as much as I did two years ago (i was in college, lol)
When we did our mortgage, I had to write a letter explaining that I was in college two years ago (at the time) and that was why my salary changed so much over the two year period.
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| Posted 7/4/06 10:01 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: How did your lender calculate...
Posted by Meaghan729
Posted by maryg
Posted by Meaghan729
your income?
For example, did they have you submit two years of tax returns and do an average?
Or did you submit 2 recent paystubs and use your current salary?
they requested our tax returns but our "income" was calculated by what we make today.
2 years ago my dh (the breadwinner) made 30K less than what he does today. 1 year ago he made 20K less than what he makes today. his "raise" was about 9 months ago when we aplied for the mortage, we supplied w-2 to prove the new income level.
requested paperwork (standard) included:
1 month's worth w-2
2 year tax returns
bank statements (they made copies of)
ids
we also submitted other non-standard things including a written paper on why we had a credit prob 3 years ago, things from his work etc.
thank you! that was the answer I was looking for. Im sure if you work on commission they want an average - but both FH and I are salaried and I make 2x as much as I did two years ago (i was in college, lol)
your welcome!
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| Posted 7/4/06 12:10 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: How did your lender calculate...
Ours took bank statements of 3 mos and the past two years tax returns.
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| Posted 7/4/06 3:10 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: How did your lender calculate...
If you get W2s they took your last years salary
If your self employed or 1099 they averaged the past 3 years
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| Posted 7/5/06 10:35 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How did your lender calculate...
bump
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| Posted 10/31/06 4:56 PM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: How did your lender calculate...
Ours asked for last years W2s, couple of months of bank statements, and 2 recent paystubs.
Message edited 10/31/2006 5:15:07 PM.
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| Posted 10/31/06 5:13 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: How did your lender calculate...
we did two recent paystubs, past two years of w2's and bank statements to reflect the money for the down payment and closing costs.
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| Posted 10/31/06 6:44 PM |
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