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We can consider bonus, overtime and commission income if you have a history of receiving it, and it is likely to continue. We’ll usually need copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need copies of recent tax returns to verify the amount of business-related expenses, if any. We’ll average the amounts you received over the past two years to calculate the amount that can be considered as a regular part of your income. The bonus income needs to be sourced from the same employer for the past 24 months, and you must be currently working for the same employer when you apply and close your loan.
If you haven’t been receiving bonus, overtime or commission income for at least 24 months from the same employer , it probably can’t be given full value when your loan is reviewed for approval.
We can also consider pension and social security income, and will ask for copies of your recent pension check stubs or bank statements (if your pension or retirement income is deposited directly in your bank account). Sometimes it will also be necessary to verify that this income will continue for at least three years, since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don’t have an award letter, we can contact the source of the income directly for verification.
If you’re receiving tax-free income, such as social security earnings, we’ll consider the fact that taxes will not be deducted from this income when reviewing your request.
Need financial advice?
Buying a home is one of the most important financial commitments you’ll ever make. Getting your loan from someone you trust is equally important. Stanford FCU has over 100 years of combined real estate lending knowledge and experience. Our in-house home loan experts are among the best in the industry. So, whatever your situation, chances are we’ve helped someone with a very similar situation before.