When applying for a loan?

[lovin diz]

When applying for a loan, do they go by what you currently make or what you made last year??

In our innitial consultation, i truly did not know how much i made in 2009 for one job...I did know the other two jobs....This particular job, I work for my dad, and i have different hours. I showed her my 07, 08, and 09 1099 forms and she sees that i make approx $1500 more each year...Anyway....
I was wrong when i approximated the 3rd job, by $1300....and now my debt / income ratio is a little to high....

My dad said he would give me my yearly paycheck all at once, This would fix the problem...Do you think they would accept this?

 

[meriface11]

it depends on what kind of loan you are talking about. if this is for a home, they will be looking at a combination of your current salary, your tax statements for the past few years, and any savings accounts that you have (i needed 401k statements, roth statements, and my general savings account statement--both during the application process and for day of close). but a personal loan, or a car loan may just be looking for proof of your current salary and your debt to income ratio.

 

[lovin diz]

it depends on what kind of loan you are talking about. if this is for a home, they will be looking at a combination of your current salary, your tax statements for the past few years, and any savings accounts that you have (i needed 401k statements, roth statements, and my general savings account statement--both during the application process and for day of close). but a personal loan, or a car loan may just be looking for proof of your current salary and your debt to income ratio.

sorry i forgot to say that...it is for a lot loan

 

[*pixie*dust*]

To buy land, no, your dad paying you early will not make any difference.

 

[lovin diz]

sorry...posted this on the wrong thread....