Bonus Income
Some bonus or miscellaneous income can be used to document acceptable source of funds. The basic guideline is that these funds must be fully documented to verify their validity. Each lender makes the final decision about specific fund sources. Some examples of often acceptable sources of funds include the following:
- Regularly expected bonus
- Commissions above normal average
- Income from a special short-term contract
- Wedding gifts
- Tax refunds
- Gaming and lottery income
Was this article helpful?
What You Need to Know About Real Estate
Ready to Find Your Dream Home? Don’t Let the Search Turn into a Nightmare Discover the Tips, Tricks, Techniques & Secrets You Need to Know to Turn Your Dream of Owning a Home into Reality!
Post a comment