What types of additional income can I use to help qualify?

When purchasing or refinancing in a market with higher interest rates, you may find it more challenging to qualify for the amount you originally had planned for. However, there are many lenders out there that will consider a variety of different income sources other than your employment income.

Here is a quick reminder of the different types of income you can use:

💲Rental Income:
If you are looking to purchase a rental property, we can use the “potential” rental income to help you qualify. We can also utilize any pre-existing rental income you may receive.

💲Child Tax Benefit:
This monthly income can be used to increase your overall borrowing power.

💲Child Support:
If there is an enforceable written separation agreement, many lenders will consider this source of income.

💲Disability or Pension Income:
Guaranteed or permanent disability income is an acceptable source of income to include.

💲Investment Income:
You can often use interest or dividends from your investments if you are able to show that you have received payments from these investments.

💲Part-time jobs:
If you have worked for the company for more than two years, or have a hourly / salary position - we can include this income as well.

💲Tips:
If you claim your tips with your annual taxes, or deposit cash regularly into your bank account, we can use this too.

💲Self-Employed:
If you’re business for self, we can qualify you based off a simple 3-6 bank statement history using business revenue.