Income Requirements for a Mortgage
Why Lenders Review Your Income
Lenders verify your income to ensure you can afford the monthly mortgage payment. Stable, consistent income increases your approval chances and helps determine your maximum loan amount.
Types of Income That Qualify
- Salary or hourly wages
- Self‑employment income
- Commission or bonus income
- Retirement or pension income
- Social Security benefits
- Rental income with documentation
How Lenders Calculate Your Qualifying Income
Lenders average your income over time to determine how much is stable and reliable. For hourly or salary workers, they use current pay. For self‑employed borrowers, they average two years of tax returns.
What Can Affect Your Income Approval
Recent job changes, fluctuating income, gaps in employment, or unverifiable income can require additional documentation or reduce the amount you qualify for.
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