In NY, must I use my spouse on a mortgage application?

[NJ987654]

I think what the original poster is asking is whether or not you can count her husbands income. The answer is simple: no.

You are required by law to pay taxes. Off the book, or cash income that is not claimed (while it is to common) is illegal. If your husband receives cash income for work rendered, he is required to claim it at the end of the year and pay taxes on it. If he did this for two years, a lender could use his income by treating him as a sole proprietorship truck driver and would do a 24 month average of the income claimed on taxes.

[BeNicePlease]

Originally Posted by NJ987654

I think what the original poster is asking is whether or not you can count her husbands income. The answer is simple: no.

You are required by law to pay taxes. Off the book, or cash income that is not claimed (while it is to common) is illegal. If your husband receives cash income for work rendered, he is required to claim it at the end of the year and pay taxes on it. If he did this for two years, a lender could use his income by treating him as a sole proprietorship truck driver and would do a 24 month average of the income claimed on taxes.

thank you, he does plan on reporting the income of course (i think the form is 1099) but I didn't know we couldn't get a loan until he's done it for 2 years. =(
thanks very much for everyones input