Is this going to affect closing my mortgage loan?

I got pre approved for a 200,000 mortgage loan. I ending up finding a 165,000 house.

Now the bank is going over my tax returns and I'm looking at how much I made in 2014 and 2015

I made only 5,000 in 2014
I made 27,000 in 2015
This year I'm going to make over 60,000

Is it going to be a problem that I

I got pre approved for a 200,000 mortgage loan. I ending up finding a 165,000 house.

Now the bank is going over my tax returns and I'm looking at how much I made in 2014 and 2015

I made only 5,000 in 2014
I made 27,000 in 2015
This year I'm going to make over 60,000

Is it going to be a problem that I didn't make as much in 2014 on closing my loan ?

I'm just worried so I would like some advice please ?

Other answer:

Justin:
Yes, this is going to cause a huge problem. Lenders don't lend you money on what you plan to make this year, but what you have actually made the previous two years, averaged, with consideration to your debts. There is no way you will be qualified to borrow enough to buy a house until you have worked your present job, and paid taxes, for at least a year.

But there is a way around this problem if you can get a co-borrower who makes a lot of money and has good credit, like a parent. In fact there is a special FHA programs for this called the "kiddie condo program" (don't get hung up on the name). You can get the loan with the co-borrower than refinance after the first year to get the loan solely in your name.

loanmasterone:
It looks as if you were pre-qualified and not pre-approved for a mortgage loan. In order to be pre-approved for a
mortgage loan, your federal taxes would have been required prior to your being issues a pre-approval letter.

There would be questions as to the low income for the tax year 2014. What documents do you have that indicate and prove that you are on track to earn $60,000 for the tax year 2016. Do you have pay stubs that would
indicate this potential income.

You apparently have a great difference in income for the last 3 years. Your mortgage loan might still be approved, however the amount you would be approved for would be in question with the income you are able to prove.

Normally your approval for a mortgage loan is based on your last 2 years of income as stated on your federal income tax returns. It appears that in the past 2 years you have had a total income of $32,000, as indicated on your 2014 and 2015 federal income tax returns.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

A Hunch:
Yes, your pre-approval was bogus. This is a problem with some pre-approvals, they don't dig deeply enough with history.

The problem is not "the" 2014 amount of $5K. It's that you don't have 2 years of income anywhere close to the $60K amount. Even if they put more weight on 2015 and 2016, you don't have a history anywhere near $60K for both years.

I'd be surprised if you are approved for the loan.

Maris:
Hello everyone i'm Maris Rooney i just want to testified on how i got a loan from a God fearing woman called Mrs Elizabeth pls do not fall in the hand of scan contact Mrs Elizabeth and get your Loan Via mail{elizabethperryloancompany@gmail.com…
JMITW:
possibly..unless you just started working in late 2014…it also depends on the type of income…if self employed that will be a big problem, if salaried they might accept 2015 and 2016 income..if they are both in the same job.

average over 24 months, you might still qualify for 130-150.

ken truong:
did you get promoted or a job offered letter stating so? I was able to use my job offered letter as prove of current income. Lender usually average out the 2014 and 2015 unless there are exceptions such as job offered or promotion

if this is 60k self employed. I wish good luck

Eva:
They generally look at the last 2 yrs. tax returns, but since it's so close to the end of the year they may put more weight on the 2015 return + your current pay stub. Since you were already pre-approved it may not be an issue.
tro:
your preapproved loan is good to go and since you found a house for less than you were approved it could mean a better interest rate for you
the reason you got the preapproved loan was to be sure of the price house you would qualify to buy
Beverly S:
It depends. If you are self employed they will average the 3 years together to figure your income. If you just have a regular job you should be fine since income is steadily increasing.
Pascal the Gambler:
That will be somewhat of an issue, yes.
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