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What Will Lenders Accept As Income?

November 24, 2008

If you are planning on getting a loan today, be ready to document and verify your income.  In general, lenders are going to want to verify two years of history for all income sources – full-time or part-time. If you are self employed, you will need to show two years in the same business and provide federal income tax returns.

Here is a quick checklist of additional income sources that may be considered:

  • Part-time income can be counted assuming that you have been receiving the income for at least two years without interruption and that it is anticipated to continue.
  • Overtime and bonus income that has occurred for the past two years and that will probably continue can be counted.
  • Retirement income
  • Military income
  • Veteran’s benefits
  • Social Security income
  • Child support
  • Alimony
  • Interest/dividend income
  • Rental income

In general, when calculating income a good rule to remember is the 2/2/2 rule.  If you are wondering if the underwriter is going to “count” it as income, you should have at least 2 W2 pay stubs or have tax returns for 2 years and expect any part-time/over-time to continue for at least 2 years.

Filed Under: Arizona Home Financing Options, Mortgage Guidelines

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