What income can be considered
when getting qualified for a loan?
-Employment income – If there has been a gap in employment,
lenders need to see six months of recent income
-Social Security Income – Awards letter required to consider
this income
-Retirement/Disability/Investment Income
-Child Support/Alimony
With the following, the lender
must have proof it will continue for at least 3 more years: Child support,
alimony, retirement, and investment income. If it is not set to continue for at least this amount of time,
it may not be considered in qualifying for a loan.
What income cannot be
considered?
-Unemployment
-Income from attending school – GI Bill, Grants, etc
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