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Income overview
Stable income is considered the following: Verified gross monthly income from all sources that can reasonably be expected to continue for at least three years Income History Proof of recent graduation from degree or vocational training program ...
Housing or Parsonage Income
Housing or parsonage income may be considered qualifying income if there is documentation that the income has been received for the most recent 12 months and the allowance is likely to continue for the next three years. The housing allowance may be ...
How to Calculate Military Income
Active service military including Reserves are paid with a Leave and Earnings Statement (LES) There can be different types of pay in addition to their base pay. Flight or hazard pay, rations, clothing allowance, quarters’ allowance, and proficiency ...
Foster care income
Income received from a state or county sponsored organization for the purpose of providing temporary care for one or more children. Verify the income with letters of verification from the organizations providing the income Document a two year history ...
Interest and Dividend Income
Verify ownership from the assets from which the interest was earned. Document a two year history of the income Develop an average of the income received for the most recent two years. Subtract any assets used for down payment or closing costs from ...