Posted on: 16th Jun, 2010 03:56 am
I am a permanent employee with W-2. I claimed unimbursed employee expenses in my last 2 tax returns which are like 17% and 22% of my income. My loan is already approved and I am waiting for closing (appraisal will get me a commitmentletter). I wanted to know if all the lenders look at tax return and subtract unimbursed employee expense from my income ? If this happens then my DTI will be very high and I won't be able to get the loan. Any suggestions ?
Welcome rahug,
As far as I know, all lenders subtract un-reimbursed employee expenses while calculating the DTI. Whatever you are report to the IRS as income is what lenders are going to use in underwriting your income.
As far as I know, all lenders subtract un-reimbursed employee expenses while calculating the DTI. Whatever you are report to the IRS as income is what lenders are going to use in underwriting your income.
"My loan is already approved"
If your loan is approved then I do not think that loan manager will again go for scrutiny of your papers.
Most of the the time lending agencies take consideration of gross income and not the net income.(may be this is a bad practice but they do this in order to get business)
:lol: :lol:
If your loan is approved then I do not think that loan manager will again go for scrutiny of your papers.
Most of the the time lending agencies take consideration of gross income and not the net income.(may be this is a bad practice but they do this in order to get business)
:lol: :lol: