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Updated almost 2 years ago,
Use S-CORP Or Company Taxes To Cover 5 Month Job Gap on Conventional Mortgage App
I have a conventional mortgage application currently in progress. I submitted my W2s from multiple jobs for the last 24 months to be used for the application. Upon review of the W2s, UnderWriting is saying I can't use income from two Jobs because because based on my employment start and end dates, there is a 5 month gap in 2021 where I only had one job and not at least two like I always did for all the other months.
I also have an s-corp that I sometimes use or at one point used for contract work in 2021. I am currently in the process of filing my taxes(personal and business) for 2021 and 2022. If my company taxes or K1 shows an average positive income for both years, can I use that to cover the employment gap so that income from two or more jobs can be used as opposed to one job/w2?