Tuesday, April 16, 2013

Is All Income the Same?

Did you know that different types of income are calculated differently for mortgage qualification purposes?  Here are the various types of income, according to the Fannie Mae underwriting guidelines:
  • Salary Income
  • Commission Income
  • Bonuses
  • Overtime
  • Part-Time Income
  • Second-Job Income
  • Multiple-Job Income
  • Seasonal Income
  • Military Income
  • Rental Income
  • Alimony or Child Support
  • Automobile Allowance
  • Boarder Income
  • Capital Gains Income
  • Disability Income
  • Employment-Related Assets as Qualifying Income
  • Foreign Income Earned by U.S. Citizens
  • Foster-Care Income
  • Interest and Dividends Income
  • Mortgage Credit Certificates (MCC)
  • Mortgage Differential Payments Income
  • Non-Occupying Co-Borrower Income
  • Notes Receivable Income
  • Public Assistance Income
  • Retirement, Government Annuity, and Pension Income
  • Royalty Payment Income
  • Social Security Income
  • Tip Income
  • Trust Income
  • Unemployment Benefits Income
  • VA Benefits Income
  • Self-Employment Income
Each of these types of income is calculated differently.  We know the rules for each type of income.  That's one of the reasons our loans close.  Give us a call and see how a really good lender operates.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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