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my wife is selfemployed can we use her income for the mortgage?

her income is different every year but hasn't fallen below 40k net since 2010. She has great credit by 2springbear52368920 from Newcomb, Maryland. Feb 12th 2015 Reply


Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

If you have a two year history on the tax returns and we are not seeing a major decline in the income from say 2012 to 2013 or 2013 to 2014 depending on if you have filed 2014 yet you should be fine.

Feb 12th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

So long as her income is claimed on your federal tax returns, and you can support the income for the past 2 years, then yes.. lenders will take the 2 year average if she has increased year over year, and they will take the lower of the two years if her income has declined year over year..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 12th 2015
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Darius Jenkins (Darius)
#68 ranked lender in Virginia - 23 contributions

Yes, you can use her income. As long as it's supported with tax returns. Feel free to give me a call or drop me a note. I'd be happy to go over the details with you.

Feb 12th 2015
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Jamie Ware (YourMortgageGuy)
#72 ranked lender in Pennsylvania - 44 contributions

Sounds like a good looking profile what is credit and assets looking like? What type of mortgage payment would you feel comfortable paying each month? If you want to talk to a lender I'm will to help just like the rest of quality lenders on this forum.

Feb 12th 2015
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JOE SHAGENA (jshagena@destinygrp.net)
#87 ranked lender in Maryland - 4 contributions

of course you can averaging income is how it works being self employed

Feb 12th 2015
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Edward Fallon (edfallon)
#92 ranked lender in Pennsylvania - 143 contributions

Yes you can. It will only be a matter of the lender determining the number they will use, which will ususally be a two year average. Call me aytime at 610-308-9001 if you want to talk. I'm in PA, and lend in MD.Ed Fallon, Univest Bank & Trust Co., NMLS #144708

Feb 12th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Her net income will be used as it is stated at the bottom line on IRS Form C.

Feb 12th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

As long as she has been self employed for over two years, you can use an average of her last two years income, unless the most recent is less then they will use that, also remember you have to deduct any unreimbursed expenses from her bottom line each year as well.

Feb 12th 2015
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

There is no reason any self-employed borrower would be excluded on that basis alone as long as she's creditworthy. It is true, however, that her expenses will be averaged over two years just like her income from the self-employment. So this means an underwriter can include only the difference between income and expenses based on the tax returns. There are many other details but the best thing you can do is send the income in for an analysis. I'd be happy to look at it just like my other colleagues here on the forum. Hope this helps.Thanks for your question.RJS

Feb 12th 2015
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