4. Are you new on the job?
So long as you're getting paid a salary or a full-time hourly rate, being new on the job is not really that big a deal. Often customers won't apply for a mortgage because they started a new job and think they need a few years on the job first; that's just not the case. If you just graduated from college, then you will at least need to have a copy of a transcript verifying that your degree was somehow related to your new job.
Salespeople who earn commission need to provide a full two years of tax returns for one primary reason: unreimbursed business expenses. This important detail is often overlooked, and it can have a tremendous effect on how much loan you can get. The section of the tax return that will be scrutinized is the 2106 expenses. These expenses are treated like extra debt. If you write off $12,000 per year in unreimbursed expenses for meals, entertainment, mileage, dues, subscriptions, equipment, etc., then guess what? That's $1,000 per month of payment liability that just got counted against your income.
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