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Old 02-19-2010, 12:55 PM
 
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I have another fha mortgage question. I am self employed, and while my annual income (consistent over many years) qualifies me for an fha mortgage, I take a relatively small bi-weekly paycheck. When my mortgage broker reviews my annual tax returns (07 and 08) they will see my true annual income which qualifies me for a mortgage. But will they also be concerned that my recent paystubs are for a smaller amount that doesn't add up to the reported & documented annual income for previous years? Will they come back and ask me for additional recent income verification? I don't think I can provide any other verification, except to show that our projections are similarly accurate every year.
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Old 02-19-2010, 01:13 PM
 
Location: Everywhere and Nowhere
14,129 posts, read 29,810,162 times
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Quote:
Originally Posted by rubyruby04 View Post
I have another fha mortgage question. I am self employed, and while my annual income (consistent over many years) qualifies me for an fha mortgage, I take a relatively small bi-weekly paycheck. When my mortgage broker reviews my annual tax returns (07 and 08) they will see my true annual income which qualifies me for a mortgage. But will they also be concerned that my recent paystubs are for a smaller amount that doesn't add up to the reported & documented annual income for previous years? Will they come back and ask me for additional recent income verification? I don't think I can provide any other verification, except to show that our projections are similarly accurate every year.
They will probably just have you do a P&L for your business from the time you filed your last tax return to the most recent month. If you can show your average monthly profit is the same as it was before you should be fine. Many self employed folks don't even have paystubs and this is how they demonstrate their income.
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