San Luis Obispo CA FHA Loan Limits and Rates
We shall cover some common questions that San Luis Obispo CA Mortgage borrowers often ask in the article:
San Luis Obispo CA mortgage borrowers looking for lowest mortgage rates in California will find the article helpful.
What is it that the underwriters look into when it comes to Income from other sources and if that were being used to qualify your mortgage?
Below is what the underwriters would like to ensure to qualify your mortgage.
Stable and Predictable Income
Variable Income
Ibutions from retirement income
Continuity of Income
Determining the Need for Federal Income Tax Returns
Verification of Income for Non-U.S. Citizen Borrowers
Using Non taxable Income to Adjust the Borrower’s Gross Income
Other income is such income type that is not your regular source of income but it’s still your income. So if one wishes to use other income to qualify mortgage. There are guidelines to follow. Such other income types where underwriters would need three years of continuing history would be could be:
Alimony or Child Support
Distributions from retirement income such as 410 (k), IRA, Keogh
Notes Receivable
Royalty payment income
Trust Income
Social security not including retirement or long term disability
The above are just some of them and not a holistic list of items. For the above the continuity of three years is required to consider them as income to qualify the mortgage.
Call San Luis Obispo CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
CURRENT REFINANCE RATES MONTEREY CA
Product Rate Change
30 year fixed 3.63% 0.02
15 year fixed 2.99% 0.07
5/1 ARM 3.07% 0.14
Artical by Roger Shanker
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