As you are preparing to qualify for a home loan, it is important to understand how your income will be calculated for qualifying. Income is viewed differently if you are a W-2 employee as opposed to being self-employed. It is important to be able to document your previous 2 years of employment and income history. Some items to keep in mind:
To have a better understanding of how your income will be calculated, you can enter your information in the W-2 income worksheet by following the link below.
If you are self-employed, your income will be calculated based on your tax returns for the most recent 2 years and good credit. Self-employed income calculations are best to review with your licensed loan officer.
If you would like help calculating how your annual income, please collect the following documents and send them over to your Loan Officer:
We look forward to hearing from you and helping you determine the income that can be used for your mortgage needs!