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How Do Mortgage Underwriters Calculate Income

1. How Do Mortgage Underwriters Calculate Income Of Home Buyers

* Income is the most important aspect for qualifying for a mortgage loan.

– Home Buyers can have prior bad credit and low credit scores and still qualify for a home loan if they have income
– Cannot qualify for a mortgage with perfect credit if they cannot source and document income
– No doc and stated income mortgage loans do no longer exist after the real estate collapse of 2008
– There are strict lending guidelines with regards to income and the types of income
– Besides the income guidelines from HUD and Fannie Mae, mortgage underwriters have discretion on income and whether a type of income can be used for qualification purposes
– There certain ways How Do Mortgage Underwriters Calculate Income

2. Qualifying With Overtime And Other Income

Borrowers with overtime income, part-time income, child support, alimony, royalty, and bonus income can use those types of income as long as they have had a two-year consistent history. Verification of employment will require confirmation that overtime income, part-time income, and bonus income will likely to continue for the next three years.

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