Recommended
More Related Content
Recently uploaded
Recently uploaded (20)
Featured
Featured (20)
Penny t. qualifying income (1)
- 1. Penny P. Tindall REALTOR Realty One Group, The Brodkin Team pennylasvegas.com M: 702-420-8964 O: 702-898-1010 Jim & Vicki Sheppard Loan Officer | NMLS #552422 & 552424 Castle & Cooke Mortgage vsheppard@castlecookemortgage.com jsheppard.castlecookemortgage.com M: 702-525-5604 O: 702-475-6337 6900 Westcliff Drive, Suite 800 | Las Vegas, NV 89145 To list or find a home: For financing: Castle & Cooke Mortgage, LLC NMLS #1251. Restrictions may apply. Not all who apply will qualify. Program qualifications and offerings are subject to change at any time. Recipients of this information may utilize the services of either entity above independent of the other entity. Qualifying Income Under what conditions can different sources of income be used... W-2 or salaried wage earners must be employed over the past 2 years, with no significant gaps that can’t be explained. Overtime and bonus income must be averaged over the previous 2 year period, with the likelihood of continuance expected. Contracted or educationally earned employment can be looked at in-lieu-of work experience, if a degree is relavent to new employment such as teachers, doctors, and attorneys. This also applies to salaried or hourly employees that are advancing themselves through a degree program. Second jobs require a 2 year history with the same expectations as the primary job, avoiding any question about whether a job was obtained only to qualify for a purchase. Seasonal or part-time employment are okay provided the same 2 year ‘test’ is assumed. The useable income would be a 24 month average. Self-employed in the same line of work for the previous 2 years. Tax returns may indicate ‘schedule c’ expenses to operate business. We then use the ‘adjusted gross income’ for qualifying purposes, divided by 24 months. All commissioned employees have to be income averaged over 24 months after any expenses. Sales over- rides or bonuses, etc. have to be customarily received, and averaged over the past 2 years. Interest income has to be reflected on tax returns, and it will be averaged for 2 years. Depending on the source of income, we may ask to prove its continuance for the next 3 years. Rolling over interest and adding to principle is not considered received income. Trust deed and note income must be consistent and received for the past 2 years. In other words, is this source of income reliable. And will it continue for at least the next 3 years. Rental income can be included with a 2 year history as a landlord. After all expenses, maintainance, or losses, then a 2 year average would be used. Trust and royalty income received consistently over the previous 2 years will be averaged to allow for the natural fluctuations of the markets. Are there stipulations to the entitlement? Do they expire within the next 3 years? Retirement income must be verified as a permanent source of annual or monthly income, or are they derived from a “closed-end” source due to expire within 3 years. Social security disability payments may not be a lifetime benefit. Declining income from most sources may represent issues beyond simply income averaging. Therefore, qualifying income may have to be reduced and may not be eligible for use in qualifying. Is the business suddenly not profiting?