• ¡Welcome to Lending Network!
  • America's Fastest Growing Loan Scenario Online Forum
Hello There, Guest! Login Register — Login with Google+

Lending Network - Mortgage & Real Estate Forum > Real Estate > Mortgages > Can part-time income, overtime income, bonus income be counted to qualify for loan? >

Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals.
It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Can part-time income, overtime income, bonus income be counted to qualify for loan?
Gus Offline
Gustan Cho

*****
Posts: 1,330
Threads: 344
Joined: Sep 2014
Reputation: 12
#1
09-20-2014, 04:55 PM
Part-time income, overtime income, and bonus income can be counted towards income qualification only if you had consistent part-time income, overtime income, and bonus income for the past two years and the part-time income, overtime income, and bonus income likelihood is likely to continue for the next three years. A written verification of employment will be required by the mortgage loan borrower's current employer or part-time employer and the employer needs to check the verification of employment section where it asks whether the income is likely to continue. Attached is an article I wrote and published on my blog concerning part-time income, overtime income, and bonus income.

http://gustancho.com/part-time-income-fo...ification/

 
Reply
  


Forum Jump:


Browsing: 1 Guest(s)