Question about showing proof of income for a mortgage

[stayinstacked]

Ok, basically I'm fudging some shit here to get approved for a home loan. I have a steady full time job, but they need to see proof of income for something part time, problem is I dont have a p/t job right now. Now my fiance's mom is going to help me out and do a pay stub for me that shows I'm working for her p/t. Her accountant is off today, and my problem is I dont know how much to deduct out of this for taxes. I'm working for $10/hr, 20 hrs a week. I know it's roughly 20% they'd take out for a single male, but dont know the exact numbers. Also thought of just telling the loan officer that I'm 1099 myself, but I dont know if she'd make me fill out a form BEFORE all of this. So if I was 1099' ing myself, could there still be a pay stub involved just showing the hours I worked and rate of pay? Somebody help

[oldman]

You are looking at about 20-28% is the total taxes taken out between all of the FICA, Fed and state (if applicable).. The problem you will have is they may ask for more proof than one check stub and they will normally ask for a check stub with totals for the year shown because they can see how long you have worked there.. otherwise you may have just started which means you may not be there next week.

Now on the 1099 that is okay but most banks like to see a regular check over a contract/1099 type pay as they shows more like self-employment and banks look down on that somewhat. I know I am in the middle of a huge loan process right now.

I don't know how far you are in the process but they are going to ask you for three months bank statement to see how much money you put in and spend each month to determine if you have enough money to pay for the house, they are going to ask for 2-3 years Tax records for ongoing salary amounts. It is easy to fudge up stuff for a car loan or CC but for house loans it is very difficult to do as even if you get past front line underwriting once it gets to final approval they want to see real proof of everything.

I am sure there are some mortgage people here that can go into more details but I have been through this on a home loan and it was a night mare even though I made over $100k the year prior to getting the loan.. now we are getting a loan for a business and it all starts again..

Good luck!!


~Old

[NotSmall]

It is probably different over in the states but I had tremendous difficulty getting a mortgage, despite the fact that I make good money, because my pay is 100% commission based which makes banks very nervous. In the end my mortgage advisor found me a self certified mortgage that only requires a 10% deposit.

[oldman]

On my home mortgage we ended up putting 10% down where normally an FHA is 3%.. not a big deal since that just made the payment lower.. of course on the business loan they want 20% and it is such much higher.. that is killing me


Good luck SS


~Old

[NiceQuads]

ok I'm a processor and if your mother in-law really owns a business she can fill out of VOE...Verification of employment. That whould be ok I don't know what state your in but theres that along with 05 and 04 w2's. 1099's are generally for self employed people and you would not receive a paytub if you got a 1099. That basically is a non taxed income the you earned for that year. How's your credit can you do a stated income loan?