Three Keys To Bonus Income...

 Good Morning!

If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage.

1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

2) The employer has to indicate that the bonus or overtime income will likely continue.

3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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USDA Loan Tip...

 Good Morning!

Here’s a USDA tip for you…

One of the things to keep in mind is that USDA has family income caps.

In other words if you make too much money you won’t qualify for a USDA loan.

Here is the link to check the income for your area…

Important: USDA goes by total household income!

In other words if you are getting a USDA loan with you as the only borrower, but you have a partner that also lives in the house.

…and, that partner has a job and makes money – then their money would also be included in the total household income calculation for USDA.

So, please be aware of this before you apply for a USDA loan.

I hope you have a great day! Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

When A Part Time Job Won't Help You...

 Good Morning!

If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this…

Underwriters will want to see that you have a two year stream of this part time income before they will give you credit for it.

…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need. …You wouldn’t fulfill the 2 year work history on it.

You do have other options though… If you are in this situation – please give us a call or drop us an email. We would love to try to help you.

That’s it for today!

Have a good day today!  …and thanks for reading.

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog