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!!!
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