Asked by Schlacher, Los Angeles, CA • Thu Dec 17, 2009
My husband works in the movie industry- for some movies he is getting hired freelance and for others salaried, really depends on the production. despite that he is improving his overall income is increasing for more than 20% every year and we are way below what we could afford, one lender told us he can't count my husbands income (over 100k annually), because right now he is freelance, but last years tax return only shows $400 in self employed income (after deductions)- because he was salaried for most of the year with ~80k income, but he can only count either self-employed OR salaried..
this has never occurred to me before with any lender, e.g. even though he is considered self-emloyed, any other lender would count ALL his income, just that his income will be based on teh last 2 years tax returns, not on this years income..
Is it really only either salaried or self-employed and has any other lender been wrong so far and we would have had a bad awakening at the end of escrow??
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