Posted by River City on August 22, 2003 at 09:26:28:
Go to the following website to see how Fannie Mae determines income from self-employed borrowers:
Posted by River City on August 22, 2003 at 09:26:28:
Go to the following website to see how Fannie Mae determines income from self-employed borrowers:
gross income, or is it net income ??? - Posted by Cas
Posted by Cas on August 20, 2003 at 12:14:40:
Hello,
I have a question.
When lenders review the income of self-employed borrowers, the lenders look at the Tax Returns. But which income they use in determining the qualifying income ?
Do they use the GROSS reported income as the ?qualifying income? ?
Or do they use the NET reported income as the ?qualifying income? ?
In other words, if a self-employed person GROSSED $200,000; but NETTED only $30,000 (this is just an example), which figure would the lender look at to determine ?qualifying income? ?
Anyone know ?
Thanks