If someone has income that they do not claim on a tax return, can that income be used to qualify for a mortgage loan?

Asked by Erin

2 Answers

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Answered by Justin Clark, Mortgage Broker in Moreno Valley, CA
If the income does not require you to claim on taxes, such as VA disability, then you can still use that towards qualifying. However, if this is "under the table" money, such as you worked part time for a friend building a barn and he gave you cash, then no. Most loan agencies need a two year work history to consider using the money you make from that job. | 12.18.15 @ 01:20
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Erin.
Is the income required to be reported on your tax return?
https://www.irs.gov/uac/Reporting-Miscellaneous-Income

You will need documentation for the income source used to qualify for a mortgage. Most ninja (no income, no job, application) and NIV (no income verification) type loans are no longer valid with the exception of some private lenders. In all cases, do what is in your best interest. Qualifying for a loan is meaningless if you are unable to afford it.

Feel free to send me a message to discuss further.

It's not what you make, It's what you keep that determines your lifestyle.

Hope this helps

| 03.25.16 @ 00:20
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
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Justin Clark
Justin Clark, Mortgage Broker in Moreno Valley, CA

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