Key words: Interest, Dividends, Requirements
Can interest and dividends income be used to qualify when you do loans with lenders? The answer is Yes, Yes, Yes! Now, we are going to look at what requirements are needed.
1. Firstly, verify the borrower’s ownership of the assets on which the interest or dividend income was earned.
2. Secondly, document a two-year history of the income. In this part, borrower's signed federal income tax returns, or, account statements can be both used to verify history of the income.
3. Thirdly, the income is expected to continue to be received for a minimum of three years from the date of the mortgage application.
After all the materials have been prepared, the income can be calculated as below:
1. An average of the income received for the past two years must be used to qualify the borrower.
2. Any assets used for down payment or closing costs must be subtracted from the borrower’s total assets before calculating expected future interest or dividend income.
Are you ready to qualify your loans with the interest and dividends? Go, Go, Go!
AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner nationalloans. We always put customer's needs first and provide the best customized solution for each customer.
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