The bottom line when applying for a mortgage is that lenders need to see if you can pay the loan back. Most lenders prefer a traditional type of steady income, typically one that gives out a W-2 during tax return season, but that is not the only type of income that will qualify you. While every lender is different regarding mortgage qualifications, some incomes will be standard for borrowing across the board, including Orlando hard money lending.
- Regular salary: this includes jobs that give you a W-2 and typically encompass a salary income. However, hourly wages may still fall under this category as they still receive W-2 forms.
- Self-employment income: usually, there are not any additional requirements for self-employed borrowers to qualify. You will still be held to the same borrowing standards as those with a regular salary, including credit, debit, and down payments. The difficulty comes when verifying your income through documentation – there will always be more paperwork than just a W-2. Still, if you regularly update and keep track of documents, it will be less difficult.
- Commission income: this income is for those who earn their living through sales, such as real estate agents, stockbrokers, and those employed by insurance agencies. The biggest concern lenders have is whether the commission will continue at the same rate as when you applied. Check-in with hard money lenders Miami to see about qualifications.
- Investment income: comes from money received by capital gains from the sales of stocks and assets or interest payments. Typically, borrowers do not qualify by this income alone, but it can be a helpful way to cushion your other income for qualification.
Contact hard money lenders in Palm Beach, Monroe Funding Corp, for more information on qualifying for mortgage loans.