If you are planning on getting a loan today, be ready to document and verify your income. In general, lenders are going to want to verify two years of history for all income sources – full-time or part-time. If you are self employed, you will need to show two years in the same business and provide federal income tax returns.
Here is a quick checklist of additional income sources that may be considered:
- Part-time income can be counted assuming that you have been receiving the income for at least two years without interruption and that it is anticipated to continue.
- Overtime and bonus income that has occurred for the past two years and that will probably continue can be counted.
- Retirement income
- Military income
- Veteran’s benefits
- Social Security income
- Child support
- Alimony
- Interest/dividend income
- Rental income
In general, when calculating income a good rule to remember is the 2/2/2 rule. If you are wondering if the underwriter is going to “count” it as income, you should have at least 2 W2 pay stubs or have tax returns for 2 years and expect any part-time/over-time to continue for at least 2 years.
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