Mortgage Tips: Commission, Overtime & Bonus Income

When it comes to qualifying for a mortgage, some people might think their regular salary is the only income that matters. However, other sources of income can be considered, such as overtime, commission, and bonus income. These additional sources of income can help you qualify for a larger mortgage or a better interest rate.

 

When considering this income, lenders require income taxes for the past 2 years and calculate a 2 year average of the income. Typically, you need to be at the same job to use this extra income OR be in the same industry.