When I am filling out form 710 there is a huge gap between the gross and net pay because my borrower is a sinngle person. HOwever when filling out the form it specifically requests Gross Income. Hhas anyone been able to go around this particular dillema? Because if the lender uses his pre-tax income it seems that he is coming out with 2500.00 net income; however when I apply his net after tax he is negative 600.00. Has anyone been able to get around this?? Please let me know.
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Don't be limited by their one space for other expenses. Add up all the expenses you can think of that don't fit on the form, where it lists and explanation, say "see attached misc. expense sheet" then write up a sheet with all the individual expenses broken out into it. Don't forget to get the seller's signature on it. Good luck.
List the taxes etc in the expenses catagory...