Income for Mortgage Question

[disneysteve]

Keep in mind that your lender will most likely require that you submit tax returns from the past couple of years as well as bank account statements from the past few months. Prior to approval, these documents will be reviewed to confirm the information you submitted on your mortgage application.

Exactly. You need DOCUMENTED income. If you don't have it, you won't get a mortgage. And that income needs to be earned by the person applying for the loan, not by other family members. I'm not sure how else we can make that clear. Illegal income does not count when applying for a loan. Income from individuals not on the loan application does not count when applying for a loan.

[leaderscorp]

I need to know well in advance what those would be if possible. Any help for this big change for my family would be great.

When you apply for a mortgage, you need to have these documents:

Application Fee (cost of appraisal and credit report)
Legible sales contract signed by Buyers and Sellers
Social Security number of all applicants
Complete address for the past 2 years (including complete name and address of landlords for past 24 months)
Name, address, and all income earned from all employers for past 24 months
Copies of previous two years W-2 forms
Copy of most recent year-to-date pay stub
Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans, and auto loans
Name, address, account number, and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, etc.
Three months most recent statements for deposit accounts, stocks, bonds, etc.
If you choose to include income from Child Support/Alimony bring copies of court records of cancelled checks showing receipt of payment.