is there any lender who goes just on w-2s for income vertification??
I was wondering if there is any lender who does use the taxes returns I itemize and it dropping my icome down which i don't feel like that is fair since I have a great dept to income ratio and can live with in my net income.... by bethanieawalder619 from , Maryland. Nov 10th 2014
Lynn Bossi Kinsel (LynnKinsel)
#37 ranked lender in Virginia - 61 contributions
Your qualifying income and your taxable income are 2 different things. Typically filing a Schedule A and itemizing won't hurt you BUT If you are claiming unreimbursed business expenses on your tax returns, lenders are going to take this into consideration when they calculate your qualifying income. Unreimbursed business expenses reduce your monthly income and will affect your DTI and qualifying income. If you'd like a 2nd opinion I would be happy to speak with you. 804-677-8588 Lynn Bossi-Kinsel NMLS#259819 Licensed in VA, MD & NC
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Short answer is yes!
Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions
Yes, you can provide only your W2's if that is what the Automated Approval will allow. However, the lender will still pull a 4506T for your tax transcripts from the IRS and any unreimbursed business expenses will show.
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