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9 Apr

Income Qualified

Mortgage Tips

Posted by: Lynn Nequest

Income QualifiedThere are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella:

  1. Annual salary income employees
  2. Full time employees working guaranteed weekly hours
  3. Part time employees working guaranteed weekly hours
  4. Auxiliary/On-call employees with 2-yr history at same employer
  5. Commission Sales who have 2-yr history in same job/industry
  6. Employees earning gratuities who have claimed over 2-yr history
  7. Contract employees with 2-yr history at job/industry
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