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If you are a 1099 wage earner, you need two years of 1099 income and that income will be averaged by the mortgage loan underwriter for income qualification. However, if your most current 1099 income is lower than the previous 1099 income, then the lower year income will be used to qualify income. If the previous year was lower than the current year, then the aggregate amount will be averaged. If you are W2 wage earner, then your most current income verified via verification of employment will be used. Here is an article I wrote and posted about 1099 income versus W2 income for mortgage loan qualification:



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