Answers (4)
- Lance Holtman, "Frost Mortgage Lend"
- Contributions:194
Evidence of income received and evidence of its tax exemption and you are good to go. If the income truly is tax exempt you can also increase the income (gross up) by the equivalent of the income tax bracket. (15%/20%, etc.)
Tell your lender to read the 4155.1 regarding non-taxable income.
Tell your lender to read the 4155.1 regarding non-taxable income.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2448
I guess I am not understanding how or why you are "exempt."
- user728512
- Contributions:2
I work at a natural food store, and before that a public school. I have pay stubs, W2s, I got all the paperwork the broker asked me for. But when it came to the tax returns he scratched his head and said "I'm not sure what to do about this"....
- Cindy Quinton, "Cindy Quinton"
- Contributions:2448
What is your source of income? That is likely the problem; federal laws are now in place to prohibit the loaning of money for a home purchase if one can't show enough income to make the payments.
You can read more here: Dodd Frank
You can read more here: Dodd Frank
I file exempt for my income tax, and as such, do not file tax returns. Is it possible to get a loan?
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