2006-06-26 07:03:35 · 15 answers · asked by wandalea_tx 1 in Business & Finance ➔ Credit
Sorry ya'll....let me be a little clearer with my question: I work for a Broker as a real estate agent and I also do his accounting. It is just him and I. I don't have set hours. He pays me weekly for whatever number of hours I have worked for that week. It is not reported yet. I guess I would be technically be an independent contractor.
2006-06-27 11:33:25 · update #1
A letter from your employer, perhaps.
You should probably ask the lender what proof they will accept.
Best wishes and God bless.
2006-06-26 07:07:30 · answer #1 · answered by bobhayes 4 · 1⤊ 0⤋
I don't understand why you would not have a pay stub issued by your employer, but the notarized letter is OK on company letterhead, your fed income tax form for 2 years and W-2 forms for 2 years will be proof also.
You might have your employer's CPA or accountant write a letter on his/her letter head stating that they make payroll for the company and you are included as an employer.
What ever you do make sure that you can prove it.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-06-26 07:15:39 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
It all depends on what the individual lender will accept. Some are okay with letters/bank statements, others may not be able to do anything at all. You may be able to use W2's, 1099's, etc from the previous year, but your best bet is to meet with a lender and ask them directly.
If you're talking about a mortage, several have "no doc loans" which means you do not need to verify income, however you will need a larger downpayment (20% is typically the minimum) and you will have a much higher interest rate.
2006-06-26 07:11:34 · answer #3 · answered by Chelle 3 · 0⤊ 0⤋
Assuming your employer reported your salary/wages to the Feds, you can contact the Social Security Administration:
To obtain a detailed statement of your employment history, you need to complete Form SSA-7050-F4, Request For Social Security Earnings Information.
Under most circumstances there is a charge involved for detailed earnings information. Considerable clerical handling is required to prepare this information. Unlike the earnings information used to compute Social Security benefits, which is electronically available, detailed earnings information must be extracted from microfilmed records through a tedious, labor-intensive operation requiring visual examination of each record before a statement can be produced and released. We do not charge for providing more detailed earnings information for correcting a Social Security record or for establishing entitlement to Social Security benefits.
You may obtain Form SSA-7050-F4, which also includes the fee schedule, from our web site at: http://www.socialsecurity.gov/online/ssa-7050.pdf
...
The Social Security Administration does not charge a fee for providing individuals with a statement showing yearly totals of earnings, the amount of Social Security taxes paid, an estimate of future benefits, and the number of credits you have under the Social Security program. Normally, this is all the information that is needed to determine Social Security benefits. You may obtain a Social Security Statement at: http://www.socialsecurity.gov/statement/
2006-06-27 07:46:25 · answer #4 · answered by Joe T 2 · 0⤊ 0⤋
You can usually go to your payroll or human resources department and get an earning statement on company letterhead or even a copy of a paystub. Another idea is if you have direct deposit you can show the amount of your paycheck that was deposited in your account.
2006-06-26 07:08:29 · answer #5 · answered by tchem75 5 · 0⤊ 0⤋
you can go stated income using your last 12 months bank statments. If you would like a concultation feel free to contact me by clicking my profile. I am aloan officer, my company is a direct lender approved with 150 investors, and deals in all credit from A paper to Sub prime. send me an E mail and let me see how i can help you. I want you as a client (so contact me and lets get started)!
2006-06-27 23:58:34 · answer #6 · answered by cafe_blue_note 3 · 0⤊ 0⤋
If your pay is directly deposited, copies of your last two bank statements reflecting the deposit should be acceptable. If you are paid"under the table" the income cannot be us to qualify for a loan.
2006-06-26 07:20:57 · answer #7 · answered by mazziatplay 5 · 0⤊ 0⤋
A letter from your employer on business letterhead is acceptable. Or, your W-2 from last year.
2006-06-26 07:07:03 · answer #8 · answered by banker lady 3 · 0⤊ 0⤋
If your paychecks are directly deposited, you can provide your bank statement which will show such deposits. I work at a payday loan provider, so I get this quite a bit.
2006-06-26 07:08:25 · answer #9 · answered by ensign183 5 · 0⤊ 0⤋
Varification of employment, have the lender call your place of employment to varify
2006-06-26 07:18:28 · answer #10 · answered by DeveshPatel 2 · 0⤊ 0⤋