Income Qualification

Lenders can generally consider salary, wages, bonuses, commission, self-employment income, retirement or Social Security income, and more. Each type has its own way of being calculated and documented, so it's worth reviewing your specific sources with a Mortgage Banker.

It can, though lenders typically want to see a history of that income being consistent over time rather than a one-time occurrence. A Mortgage Banker can tell you how your specific bonus or commission structure would be viewed.

Yes, retirement and Social Security income can generally be used, often with different documentation than employment income. The specifics depend on your situation, so it's best to talk it through with a Mortgage Banker.

Debt-to-income ratio compares your monthly debt payments to your gross monthly income. Lenders use it as one way to gauge how comfortably a new mortgage payment fits alongside what you already owe. Acceptable ranges vary by loan program and lender, so a Mortgage Banker can calculate your specific ratio.

Learn more about how debt-to-income ratio affects your mortgage.

Not necessarily the same job, but lenders generally like to see a steady two-year work history, often in the same field. Job changes and gaps aren't automatically disqualifying, they just may call for a bit more explanation.

Yes. Self-employed income is evaluated a little differently than a salaried paycheck, typically based on net income from tax returns rather than gross revenue. Our Self-Employed Loans page covers this in more detail.

It depends on the home price, loan program, down payment, and your overall financial picture, so there isn't a single universal number. An Atlantic Bay Mortgage Banker can look at your specific situation and give you a real answer.