Financing in Chicago>Question Details

Albert, Other/Just Looking in Chicago, IL

What qualifies as an income source for the FHA?

Asked by Albert, Chicago, IL Thu Mar 7, 2013

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8
BEST ANSWER
Salaried Employment, Self Employment, Rental Income, Retirement income, Stocks and dividends --
there is quite a long list. I recommend speaking with a lender - its free and there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
2 votes Thank Flag Link Thu Mar 7, 2013
Who knew?! Thanks so much Sam.
Flag Fri Mar 8, 2013
Albert,

Sam is your man on this one too. He has given you a concise professional answer.
1 vote Thank Flag Link Fri Mar 8, 2013
Your mortgage broker need all type of income that you had for the past two years, even if is with two or more employers or if is a self employed. They will need the last two income tax to see what kind of income you declare in those.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Thu Mar 7, 2013
Sam's answer pretty much says it all.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell
http://www.qmlending.com
* FHA loans down to a 580 Fico Score
* No Money Down Purchase Programs
*$100 Down Payment Purchase Programs
Unlimited loan to value refinances on Fannie and Freddie
Same Day Purchase Pre Approvals
0 votes Thank Flag Link Fri Mar 8, 2013
Sam has the bases covered. An additional source is alimony as well. Talk to a lender and get yourself prequalified.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Thu Mar 7, 2013
You probably want to avoid talking about any illegal and undeclared income. The rest may be able to be used to buy the dream home.
0 votes Thank Flag Link Thu Mar 7, 2013
You would have to speak with your lender to see if you qualify for the guidelines.
0 votes Thank Flag Link Thu Mar 7, 2013
Hard to answer your question. What type of income do you want quantified?
Web Reference: http://fredglick.com
0 votes Thank Flag Link Thu Mar 7, 2013
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