Documenting your income when applying for an FHA loan

FHA requires two full years of employment and income history. Income that will be averaged over two years includes overtime, bonus and commission pay. Other types of income for qualifying includes child support, retirement income and social security. Hourly employees: income calculation uses hourly rate and work schedule. Salaried employees: income calculated based on pay periods. Self-employed: report using Schedule C, Partnership or Corporate returns.

Category:

Education

Tags:

• qualifying
• for
• FHA
• loans;
• documenting
• income;
• income
• to
• qualify