How Do Mortgage Underwriters Calculate Income
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- Опубліковано 15 вер 2024
- 1. How Do Mortgage Underwriters Calculate Income Of Home Buyers
* Income is the most important aspect for qualifying for a mortgage loan.
- Home Buyers can have prior bad credit and low credit scores and still qualify for a home loan if they have income
- Cannot qualify for a mortgage with perfect credit if they cannot source and document income
- No doc and stated income mortgage loans do no longer exist after the real estate collapse of 2008
- There are strict lending guidelines with regards to income and the types of income
- Besides the income guidelines from HUD and Fannie Mae, mortgage underwriters have discretion on income and whether a type of income can be used for qualification purposes
- There certain ways How Do Mortgage Underwriters Calculate Income
2. Qualifying With Overtime And Other Income
Borrowers with overtime income, part-time income, child support, alimony, royalty, and bonus income can use those types of income as long as they have had a two-year consistent history. Verification of employment will require confirmation that overtime income, part-time income, and bonus income will likely to continue for the next three years.
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How about depreciación like business mileage , I heard it can be put back as income since is no a cash flow deduction
Yes depreciation can be put back
Do mortgage leaders count the 2 extra pay periods per year towards gross income for bi-weekly payroll?
Take your bi-weekly payroll time 26 weeks and divide it by 12 months is your monthly income
What if 2020 I made $20k commission vs 2019 making $6k. I averaged out at around $1k a month however that year when I made $6k I was a service employee not a salesman. So completely different position in business?
Question I have 3 different incomes my main job if 30 years my part time I’ve been on a year no a death benefit I’ve had for 15 years . Why is the bank / mortgage company only asking for proof of 1 the main job. They say they’re not concerned about additional income that’s strange
That may be because your one job earns you enough money to qualify. Typically you want to supply as little documentation as possible. This is because the more papers the more possibility of questions from the underwriter.
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