Self-Employed
True or False: The requirements for all self-employment types are the same throughout all loan programs
false
True or False: a 24 month history is required on conventional loans for second jobs or part time employment
what is used to calculate rental income on a Freddie Mac loan
what is MGIC Rental Income Worksheet?
True or False: on FHA loans, you can use YTD variable income to qualify.
False-can only use 2 year average
true or false - Peter owns a boat
What is true
What are three main documents needed to submit a self-employed loan for initial submission
What are tax returns, YTD P&L & MGIC Worksheet
True OR False: FHA requires uninterrupted (no more than 30 day gap) 2 year history of part-time income to use for qualifying.
True
percentage of net rental income that can be used on a freddie mac loan
what is 75%?
one of these is needed within 30 days' of closing when qualifying on variable income
what is updated paystubs OR written VOE?
What is the name of Alyssa's dog?
Duke
With an FHA or VA loan, what do you need for a self-employed job not being used for qualifying?
What is a ytd profit & loss, and tax returns, & transcripts
Can you qualify on two part time jobs?
What is yes, if you have a history
number of miles away current FHA home must be from new FHA home when trying to use rental income to qualify.
100
Can we accept cash deposits from tips?
what is no
What is the name of Kelsey's dog?
What is Penelope?
True or False - business returns are always required with schedule C
what is false
how long of a gap you can have in part-time income on a Fannie Mae loan to be able to use for qualifying.
what is no more than 1 month gap?
amount of rental income that can be used when bwrs have less than 1 year history of receiving rental income on Fannie Mae loans?
what is can only be used to offset the PITIA (principal, interest, taxes, insurance, association dues)?
What form is needed for tip income if you do not have a WVOE?
What is form 4137
Who is Rhianna and February 12th.
Do 1120S require a K1?
What is yes?
Your borrower previously worked at Wal-Mart as a second job for three years. They got laid off during covid, and recently started driving driving for Uber as a 1099. Can we use this second job income?
What is no
number of months of reserves required on VA loans with current investment homes (not primary conversion)
3 mos. for each rental property.
your customer has been earning overtime income past 2 years. you get updated paystubs and income is declining YTD-what do you need to be able to use & how do you calculate?
written VOE confirming OT is likely to continue & reason for decline YTD. you would qualify using worst-case YTD average.
What is yes it would have to be included in household income