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Rural development loan income qualifications

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Adenmatthew Guest	Posted: Tue Nov 22, 2011 7:33 pm    Post subject: Rural development loan income qualifications Like 0 Dislike 0 Hi everyone, I have a question about qualifying for the rural development loan. I was preapproved, offered on a home and it was excepted. Now the lender is saying we have to wait for this years taxes to be filed before we can continue. Our closing date was Dec.30. The problem is length of self- employment history. My question is will I have made enough to qualify for the $110,000 loan and can I take any deductions this year? Also could i ask the seller for an exstention? I feel bad, she was set to move on the 1st of Dec. I have an adjusted income on last years taxes of $26,000 and I have a year to date gross income of just over 40,000 for this year. Just wondering if anyone out there could ease my worries thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Nov 22, 2011 8:59 pm    Post subject: Like 0 Dislike 0 Welcome Adenmatthew, You can ask the seller to offer you an extension by considering your present situation. As per the lender's demand, you will have to wait till the taxes for this year are filed. However, you can try contacting other lenders and check out if they can offer you a loan in this situation. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Tue Nov 22, 2011 9:20 pm    Post subject: Like 0 Dislike 0 Thanks for the quick response! I think we have another problem now. Turns out we had a misunderstanding with th lender. She thought that the unemployment benefits I received last year and beginning of this year was from seasonal work. Its not. I lost my job in 2009 and in 2010 I started working self employed contract work. When I worked I didn't receive payments but then I'd have a week or two of no work so I would claim. Went this way until July this year. I have been super busy and haven't claimed since. Will they use that UI income when considering my income amount
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Nov 22, 2011 9:58 pm    Post subject: Like 0 Dislike 0 Hi Guest, As far as I know, the unemployment income will be taken into consideration when the lender approves you for a loan. Nevertheless, it may vary from lender to lender. _________________ Procrastination is the enemy of your financial success
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Thu Dec 22, 2011 2:02 am    Post subject: Like 0 Dislike 0 Hello Adonis, Well that is a great info. I hope a lot newbie can read this. Thanks _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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