[e] KWeninger@fairwaymc.com
[p] 920-960-0852

Qualify For Your Mortgage With These Income Sources


In qualifying for a mortgage, there are several sources of income you are able to use. But note: Regardless of the source, you will need documentation indicating either that you’ve received this income for two years, or that you expect to receive it for the next three years or more. In addition to the traditional hourly/salary sources of income, others that may be used are

  • Commissioned/self-employed: A minimum of two years of documented income must be provided on signed federal tax returns. A 24-month average will be calculated to determine a usable monthly income for the purposes of qualifying for a mortgage. Lenders are most concerned with self-employed borrowers’ adjusted gross income (their income after write-offs.)
  • Rental property income: This also requires two years of documented income supported by tax returns.
  • Social security/pension/disability: Even if you have just started receiving any of these through monthly installments, as long as you can prove that you will receive them for at least three years, you can use them as income. With these forms of income, the amount will be “grossed up” to account for the fact that taxes usually aren’t withheld from them as they are with other types of income. To establish gross monthly income – which you can use for income to qualify for a mortgage – multiply your monthly check by 125 percent.

Also note that unemployment benefits, while still considered a payment stream, have end dates, and therefore can’t be used as income in obtaining a mortgage.

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Kristine Weninger
Loan Officer NMLS ID 225608
836 Park Ave
Beaver Dam, WI 53916
Direct 920-960-0852
Office 920-219-4200
Fax 920-219-9987


Fairway Independent Mortgage

NMLS# 2289

Complaints may be directed to:

(877) 699-0353 or

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Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

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