In this article, we will cover the frequently asked question by homebuyers on how do mortgage underwriters calculate income when processing and underwriting a mortgage loan? Credit and income are the top two determinants for mortgage lenders in assessing risk. Mortgage lenders view credit scores and payment history because of the past as a good…
Let’s delve into the intricacies of other income mortgage guidelines, particularly when seasoning falls short of the customary two-year mark. In mortgage applications, understanding the nuances of other income sources can significantly impact the borrowing process. Often, individuals rely on various income streams beyond traditional employment wages to bolster their financial standing. However, navigating mortgage…
In this blog, we will cover working two full-time jobs to qualify for mortgage. The 2008 Real Estate And Financial Meltdown affected millions of hard-working Americans. Countless self-employed business owners were forced to shut down the businesses they had had for many years. Millions of hard-working Americans have lost the jobs and careers they have…
This BLOG On How Do Underwriters View Commission Income For 1099 Wage Earners Was UPDATED On April 28th, 2019 Just because a person is employed and is a wage earner does not mean that the income they earn will be taken as income in qualifying for a mortgage loan. There are strict rules and regulations as…
In this blog, we will cover and discuss what is maximum monthly mortgage payment you can afford versus how much you qualify. As technological advances such as the train and automobiles allowed Americans to expand out of major cities, homeownership has always been the American dream. Homeownership there is a staple of what America stands…
This guide covers qualifying for W2-Income-Only Mortgages. Borrowers who are W-2 wage earners and mortgage underwriters will go off the most recent paycheck stubs reflected on the past 30 days and from the employer’s employment verification. Two years of W2s are required, but there is a lot of leniency with W-2 wage earners. The following…
Apply Now In this mortgage guide on Gustan Cho Associates, we will cover qualifying for 1099-income-only mortgages. Many people are 1099-income-only wage earners and have a lot of unreimbursed business expenses on their tax returns. Mortgage lenders use the adjusted gross income and not the income from the income tax returns. Adjusted gross income is…
In this blog, we will cover and discuss the verification of employment and income mortgage guidelines. Employment, income, and credit are the most important factors in determining mortgage loan approval. Between the two, income is probably more important than credit in determining mortgage approval. Borrowers can have prior bad credit and low credit scores and…
This article will cover qualifying for a home loan with overtime income and other income. Homebuyers can qualify for a home loan with overtime income and other non-traditional income if certain conditions are met. Borrowers can qualify for a mortgage with overtime income and other income. However, lenders want a two-year history of borrowers making…
Get a Fast Quote: Click Here This blog will discuss and cover FHA guidelines on income and employment gaps. We will detail the FHA guidelines on income and employment gaps for homebuyers. Homebuyers do not need to be employed in the same job for the past two years to qualify for FHA loans. FHA guidelines…
Apply Now In this blog, we will cover and discuss what can be used as income for a mortgage. Other income such as overtime, part-time, bonus, tip, or other income refers to extra income or non-traditional income that what can be used as income for a mortgage. Besides the full-time that you earn, non-traditional income…
Call Now 