What Counts As Income? - Bonuses, commissions, overtime, seasonal and part-time income are taken into consideration, subject to employer verification and with varying time limits.Income can also be generated from a rental property. The lender will count any rent over and above the monthly housing expenses from that property (such as the mortgage, taxes and insurance on that property)
If you have many different sources of income then you may prefer a stated loan program. This will make it much easier and rewuire you to provide much less documentation then the standard full documentation loan.
Social Security, disability,alimony, and child support which some lenders allow these sources of income to be grossed up to 125%
Retirement and dividend income can also be counted as income. Lender will use 75% of the income for income purposes.
Interests from savings accounts and Certificates of Deposit are also included in the calculation of the homebuyer's income. However, these interest incomes do not count if funds from the savings and CD accounts will be used as downpayment or closing costs in the transaction.
