"Good Stuff"

You never really know what you are going to get for this article!  But we promise it will be "good". 

Gross Monthly Income Guidelines

Overtime Income Guidelines

Overtime cannot be counted unless you have been receiving it fairly consistently for two years and your employer will say that it is more than likely to continue into the future.

Bonus Income Guidelines

Follows the same rule as overtime.

Commission Income Guidelines

Normally commission requires a two-year history in order for it to be used. People changing from a salaried job to a commission job have tough times getting mortgage loans until they can show two years in the field. There are no-income verification loans on the market with slightly higher rates for people paid by commission. (See Self-Employed Income Guidelines)

Self-Employed Income Guidelines

You must be self-employed for two years. Your usable income for a loan is the bottom line on your federal tax return AFTER all the deductions. There are things you can add back such as depreciation but to be perfectly honest, most self employed people have difficulty achieving the required monthly gross income because of all the tax write offs. Again, that is why it is so wonderful that there are non-conforming loans that allow higher debt to income ratios and no-income verification programs. The specific amount of Loan To Value Ratio (LTV) varies depending upon the specific guidelines for the individual program.  But generally LTV is in the 50%-70% range.  These loans are a lot less common these days and it will take some research and investigation to find lenders who still provide them. (If you attempt to do it yourself)  The most accessible option will be "Hard Money" lenders.

Child Support Guidelines

Generally, you can use child support if you can prove that you will receive it for an additional three years and you can prove that it has been paid on time for the last year. The only acceptable proof of payment is cancelled checks or a print out from the court if it is being paid through the court system.  The requirements are more relaxed for some products and you may not be able to use Child Support at all for other products.