People often have sources of income and funds other than their salary and savings that can be used when applying for a mortgage loan.
The following is a list of alternative sources of income that may help you qualify for your next mortgage:Sometimes, items such as a car allowance can be used to supplement or increase your income. Usually there will need to be a steady history of the car allowance and your employer may have to indicate that your car allowance should and will continue.
Child support can be figured as income if you have been receiving it for at least 12 months and it will continue on for an additional 2 years. You must be able to show proof of the support payment such as bank statements or cancelled checks.
If you are self-employed, you can still use that income to qualify for a loan. There is some extra documentation that may be required if you are self employed, so be prepared for your loan officer to ask.
Social Security can be used as a form of non W2 income to qualify for a mortgage loan. In order to use Social Security as income it has to be continued for at least the next 3 years.
More and more Americans these days work in service type jobs, many which have income from tips in addition to the pay given by the employer. The tips are an integral parts of the employees compensation. Most stated income loan programs will allow borrowers to state tip income as long as they are working in an industry and a position that customarily receives tip income.
There are some loan programs that will allow you to use boarder income.
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