Qualifying Employment Income

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Did you know that not all income can be used for qualification for a home loan?

Income that CANNOT be used:

  • One-year self-employed income
  • Declining income year over year self-employed income
  • Two months’ receipt of child support/maintenance
  • Two ½ years receipt of maintenance and or child support
  • one year Part time hourly where hours fluctuate
  • four months of part-time hourly income
  • one year working in a new industry
  • bonus income received from an  ex when cannot guarantee how much will be given over three years

 Income that CAN be used:

  • two years of self-employed income -stable income
  • six months’ receipt of child support maintenance
  • Three years of maintenance and child support (from the date of the loan application)
  • Two years part time hourly income that fluctuates
  • Two  years after working in a new industry
  • Bonus income that is proven to show exactly how much the ex will receive for the following three years

Not sure if your client’s income can be used?  Please reach out to me.  I’m always happy to be of assistance.

Contact Jan or CLICK HERE to schedule an appointment with me to learn more!


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