MONTHLY GROSS RECEIPTS SBA REDDIT HOW TO

They are clearly doing whatever works for them (minimsing costs/effort whilst maximising repayments) - but that's not the same thing as being as precise as possible at determining affordability. Using gross is a simpler and objective measure that intrinsically has far fewer caveats and so is very useful to lenders, sure. I'm not missing the point - it's quite understandable, nor really arguing against it per se. I can adjust my net up or down (unless I'm doing the bare minimum benefits like insurance only), but I can't adjust my gross unless I get promoted or change jobs with better pay. That would probably give me an extra $500-$600 monthly. My net could increase if I did away with my commuter benefits (which is a tax write off) and 401k/HSA contributions. Those are liabilities you won't see on a credit report and have to be taken into consideration if they aren't disclosed on the 1003 (application). Paystubs are also used to determine if there are any 401k loans or child support payments. If you state you make 120k per year (10k monthly gross) but your pay stubs show you only grossing 7k/month, you're misrepresenting your pay. Paystubs are used to show current income as well as to show proof of it. What's the average you've made over the past 2 years. W2s are used to average income and determine your qualifying income.

Do I also need to bring you my power bill? Cell bill? Grocery receipts? Dining receipts? Gas bill? Fuel receipts? Paystubs only show taxes and pre/post tax deductions. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.

MONTHLY GROSS RECEIPTS SBA REDDIT HOW TO

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Monthly gross receipts sba reddit