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What is the best response to my underwriter when he asks for a letter stating why I did not file self emp income on my taxes

by bowmanjesq857 from , California. Dec 12th 2018 Reply


Susan Ledingham (perfection)
#922 ranked lender in California - 11 contributions

Was your self employed income a hobby? Or...are you using your self employed income to qualify if so why didn't you....was it an oversight? Really need to know the situation.

Dec 12th 2018
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If it were a hobby would that make a difference? I was unemployed for most of that year and the little income I did have was not significant enough to file- did not anticipate buying a new home years later- my underwriter needs an explanation and I am wondering what the best response would be to keep our qualification for loan? Would just stating unemployment be a better position? I now have been employed for over a year and am making almost six figures and my wife earns about the same- thank you in advance for any info you can provide

Dec 12th 2018
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed, but in general.. the best response is the truth.. Is your SE income your only source of income? If so, then you wont get a loan if you don't have tax returns.. was the SE income a side business? How much did you make? Is it possible that because you made so little, that you didn't think you needed to file? Was it a hobby? Maybe you didn't know you needed to file a return for hobby income.. Realistically, your loan officer should be helping you with this letter.. have you asked for direction from them? I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Dec 12th 2018
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Yes i talked with my loan officer and she helped me out with the best response in this type situation- thank you for your reply

Dec 12th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,960 contributions

The truth.

Dec 14th 2018
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Hi, curious as to what you decided to write, truth will set you free as they say and hopefully get you a loan with an exception, we do exceptions all the time. You just need to know how to craft loans and sell it to our inhouse UW. I guess my 18 years of experinece is always helpful in these situations. If you need help let me know...Ralph Guertin 954-274-7725 Ralph.guertin@myccmortgage.com

Dec 19th 2018
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