Home Buying in 02917>Question Details

Helene Moret…, Home Buyer in 02917

regarding 2 year employment rule for per Diem taxable income counting toward mortgage qualification.

Asked by Helene Moretti, 02917 Sat May 5, 2012

is it 2 yrs from start of employment or 2 tax filing yrs

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Answers

1
Hello Helene,

Per diem income is sort of like self-employment income when it comes to calculating the monthly income, used to figure out your debt to income ratio.

This means the income will be averaged for the past two years (if 2011 income is bigger or same as 2010). The Income Verification form will be sent to your employer - to see that 2012 YTD is within the average income for 2010-2011.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sat May 5, 2012
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