The income is represented by the figures on a weekly employment check. However, many forms of payment are completely acceptable for mortgage underwriting for the lenders. A Florida mortgage company will evaluate all of your income sources to determine what mortgage you can afford and are likely to be able to repay. We have created a list of references, variables, and debts to help you determine whether you are eligible for a loan.
Regular income
A senior partner will review the most recent pay and tax forms for salary and wage earners from the past two years. If you recently received an increment in your pay, you will also need to get a statement from your boss to confirm that the change is permanent. You may be able to include special-case income, such as overtime and commissions, in your mortgage income calculation.
Military income
Soldiers and their families are subject to the same documentation requirements. That housing base benefits our service members, and food allowances can include in income for mortgage calculations. However, those deployed to war zones must provide documentation to prove their deployment because income earned in the zones is not taxed.
Debt to income calculation
Many mortgage lenders use a debt-to-income calculation to decide your ability to repay a home loan. This calculation compares your monthly gross income to your monthly debt load, typically derived from income sources. To protect your best interests and those of the lenders, only buy a home you can truly afford.