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| FHA QUALIFYING INCOME |
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Don’t overlook expense accounts and auto allowance for potential FHA qualifying income. Here is what you need to look for: – The income is only the amount that exceeds the expense. – For expenses refer to Form 2106, from the IRS 1040 Form for the last 2 yrs. – Verify from employer that the payment will continue for 3 years. • Verification can be via a letter on company letterhead • When there is a loss, this must be counted as a debt. – Depreciation may be added back Click the START NOW to get Pre Approved Today!
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