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Old 05-06-2009, 06:46 AM
 
341 posts, read 1,413,059 times
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lenders on the FHA loans I've researched are generally asking for 2 years tax returns and 1 month of latest pay stubs. They'll figure your current income off your pay stubs and figure your DTI off that. You could pay estimated tax this quarter on the extra money you've earned and likely get credit for the income. THe fact that you paid estimated tax on it will likely validate that you're earning it legit.
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Old 05-06-2009, 03:01 PM
 
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Thanks superfly! That is the answer I think I was looking for!
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Old 05-06-2009, 07:51 PM
 
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by superfly10 View Post
lenders on the FHA loans I've researched are generally asking for 2 years tax returns and 1 month of latest pay stubs. They'll figure your current income off your pay stubs and figure your DTI off that. You could pay estimated tax this quarter on the extra money you've earned and likely get credit for the income. THe fact that you paid estimated tax on it will likely validate that you're earning it legit.
I would be very weary about taking this advice. There is nothing in the FHA guidelines that say anything about getting credit for advanced tax payments. As a loan officer in Vegas I deal with hourly plus tipped employees pretty often. Count on using your hourly plus tip compliance.
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Old 05-09-2009, 02:18 PM
 
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I don't think this is a forum for discussing what the poster chooses to claim.

The answer is.... two years tax returns, W2s, and TYD pay stub will be used to average tip income. If you didn't pay taxes on it... you didn't make it as far as the mrotgage co is thinking. Bank deposits don't mean anything.
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