Buying a Home: Your Income

Buying a Home:  New Financing Guidelines

YOUR INCOME

Whether you’re purchasing a home here in New Jersey or somewhere else, the financing guidelines are all the same.  When you’re seeking a lender, your income will be one of the determining factors to obtain a mortgage loan.

Lenders want to see two years of continuous and uninterrupted employment and require two years of W-2s, tax returns and the current month’s pay stub.  If you are self-employed or own a business, they will view the taxable income on your tax return as your income before taxes and deductions, base salary, bonuses, overtime, commission, alimony, child support, pensions, Social Security and interest or investments.

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