I value your feedback so please give the thumbs up, if my ressponse was helpful. Good luck!
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
If you're worried that they'll use your previous income simply because they asked for those tax returns, don't be! Lenders must document 2 recent years worth of tax returns as part of the 2 year employment history that's required. Just speak to your Loan Officer and make sure you're being qualified based on the right amount. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
Chances are they will average your income. Just because you recently started a higher paying job doesn't mean you will always have that income. They may not use a 24 month average, they may use 18 months which will give your current income more influence over the final number.
FHA rules change, so regardless of my or most answers here, you should discuss this with a great local lender who regularly does FHA. There is no risk in speaking directly with them to get the most up to date practices.
Whether FHA or conventional, lenders will average out your last 2 years. Second and third tier lenders tend to be more flexible with their guidelines and may take your new higher income into greater consideration.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson