Mortgage Information

If you’re like most buyers, a home is the most expensive purchase you’ll ever make, and you’ll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

We have put together information on the mortgage process. We hope this information will give you the knowledge to make educated money saving decisions regarding your mortgage.

Conventional Loan Income Requirements

Wage Earner
  • Prior 2 years W2 forms
  • Pay stubs for the past month

Self Employed or Commissioned
  • Prior 2 year tax returns + YTD P&L
  • 2 years of continuous employment
  • Non-occupying co-borowers allowed on 1 unit property but the occupying borrower must still meet minimum ratio requirements

FHA Loan Income Requirement

Wage Earner
  • Prior 2 years W2 forms
  • Pay stubs for the past month

Self Employed or Commissioned
  • Prior 2 years tax returns + YTD P&L
  • 2 years of continuous employment
  • Qualifying ratios 31%/43%
  • Non-occupying co-borrowers allowed on 1 unit property. Can use 100% of income to qualify
  • 3-4 units use self-supporting rule