Posted on: 14th Jul, 2010 05:02 am
In addition to working full time, I also have a side job where I receive payment in cash. This has been claimed as income on my 1040 the last two years. Is having this income documented on my 1040 sufficient for the mortgage loan process?
That will depend on the lender and/or the loan in question. You may also have to provide bank statements, 1099 docs, etc.
What type of side job is this?
The side job is a flooring company. Years ago, I started this company and then got recalled to Iraq. When I returned I didn't have the energy to, basically, start from scratch with a customer base. At any rate, I started receiving calls from referrals and local flooring stores. Since I have a full time job, I essentially sub out the work. I receive a "kick back" from the guys I sub it to. Basically, they are using my company name to get them work. I get a check or cash from them throughout the month. For the past 2 years it has averaged around 900 dollars.
I will be using my VA benefits for the home purchase. I don't know if that makes a difference. Thanks for the feedback.
I will be using my VA benefits for the home purchase. I don't know if that makes a difference. Thanks for the feedback.
Then yes, that income should be able to be counted. The 2 years of tax returns and most likely evidence the company exists (registration of the company on the Secretary of State website, etc).
Thanks for serving.
Thanks for serving.