What Is “Qualifying Income” For A Mortgage Loan?
August 28th, 2008 By Peter G. Miller
In general, your income is all money reported to the IRS for the last two or three years as well as your income to date for the current year.
There are some qualifications. For instance, it must be expected that your income will continue at or above current levels.
It’s possible that your income for mortgage qualification purposes is even higher than the income reported for tax reasons. For example, if you rent real estate to others lenders will add back the depreciation you claims and thus increase your qualifying income.
Speak with lenders for specifics.
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