What is considered qualified income for a loan application?
Qualified income is income that can be verified and is received on a regular basis. Examples of qualified income can include:
- Payroll (if you are able to verify with W2 or paystub)
- Social Security
- Pension
- Self-Employed income (must be verified with last 2 years' tax returns)
- Commission
- Child Support (must be verified with court documents or a history from the courthouse or Child Support Recovery)
- Rental Income (must be verified by averaging last 2 years' tax returns, and using only 85% of the rent as income)