Posted by Chireen on August 22, 2003 at 24:26:50:
There are so many different loan programs out there, but if you want to know “typical”…Typically you would need to be employed 1099 for 2 years (doesn’t have to be at the same company, but in the same line of work). They will take the $40,000 (not the $75,000) and will add back in any depreciation taken on your tax return (if depreciation exists). They will do this for the past 2 years and average your income. Some Lenders will also want to see 12 months of bank statements showing your deposits are appx. equal to what you say you make. If you don’t like to jump through those kinds of hoops you can look into a “Stated Income” loan.
"My 2 cents worth…and priced just right!"