With that, we need to see your tax returns for those years and the 1099s that go along with those filings.
We look at the gross income and your expenses for those years.
The average of the two years (bottom line after expenses and adding back depreciation) is taken and divided by 12 for a monthly income.
We usually run into trouble on this when the expenses cancel out any income reported.
Room mate income will only be considered, if you report it on your 1040s.
Hope this helps!
PS I am a lender, so please feel free to contact me with specific questions.
A 10 minute phone consultation with a lender will likely help you understand how much income you need to have for the loan/purchase you want. Good luck - interest rates are incredibly low still, rents are incredibly high still, so I can certainly understand why you'd want to do this, but my guess is you'll need to ramp up your income to be able to pull it off.
It depends...you can discuss different scenarios and possibilities with a lender and they can let you know what may be suitable for your situation.
Here is a referral :
Sr, Mortgage Advisor
123 Mission Street,
San Francisco, CA 94105
Lenders will take your yearly amount or your AGI, adjusted gross income, and divide that by 12. This will give you your monthly DTI...(Debt to income).
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair