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How do you write a letter of explanation to support stated income?
Mollym
First, if you are self employed get a copy of the business license and submit that with your letter of explanation. The first question that I have for you is, is this for a home loan? If so, then you will need to explain your income for 2006-2007 explaining what your gross monthly income is. If this is for a home loan, and you decide to go with a Full Documentation Loan Program you also have the choice to submit your bank statements (personal or business) that show your monthly deposits. This can be used as full documentation showing your monthly income. Hopefuly, this helps.
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If father wins lawsuit does he pay child support on that income?
Yes, he will have to pay a percentage of it. Any form of income is not only taxable, but will require whatever percentage is stated in the contract.
How do you write a letter of explanation for applying visa?
A letter of explanation should have the reason for travel very well stated. It can also include details such as main places that will be visited and the duration.
In scientific inquiry what is a stated possible explanation?
"hypothesis"
In scientific inquiry a stated explanation is called?
hypothesis
What are Stated Income Home Equity Loans?
Stated Income Home Equity Loans are mortgage loans designed for people who wish to raise finance for a home but cannot supply the usual documentation to support their earnings. Typically these loans place more emphasis on credit scoring the individual and are therefore often suited to self-employed or low-income individuals.
What are the advantages of a stated income home equity loan?
The advantages of a stated income home equity loan are: stated income loan applications require less paperwork and speed the lending process. Using these applications also means no written verifications are needed for income and no tax returns.
In scientific inquiry a stated possible explanation is called what?
"hypothesis"
In scientific inquiry a stated a possible explanation is called?
hypothesis
Who is elegible for a stated income mortgage?
Eligibility for a 'stated income mortgage' now requires documented proof of income, which, for the self employed, must include at least two tax returns.
what kind of documentation do i need for a stated income loan ?
A stated income loan approves you for a loan based on the amount on income a person states. The bank does not verify this income. The only documentation that may be required is a Form 4506.
What is stated in the sixteenth amendment?
Income tax
What are stated income loans?
Among the information collected at the time one applies for a mortgage, one must disclose his annual earnings (usually for two years). The dollar amount is stated on the application and is proven by documents required by the lender. W2's, 1099's and pay stubs name a few and the forms requested varies by lender and situation. This is called Full Income Verification. At times, one is not able to supply the documents needed to prove the income stated on the application. In a case as such, income cannot be verified. Other measures, like checking with the employer, are taken to ensure that the borrower earns sufficient income to support the mortgage payments. Assuming the information is correct, the lender will then qualify the borrower. This is called a Stated Income Loan. Understandably, when going stated, one cannot expect the interest rate to be the same as if one would be going full. The lender needs to make up for the risk of default by charging a higher interest rate; Income has only been stated, not verified.
