Frequently Asked Questions
Assets
I want to purchase a house. Can someone give me money for the down payment?
Gift money for the down payment is allowed on primary residence purchases. The gift money must from a family relative.
I have money that is invested in the stock market?
Yes, you can use money that is invested in the stock market. You will need to liquidate the stock and provide proof that the stock has been liquidated.
General
What Kind of Documentation is Needed?
Every borrower’s situation is different but the typical information needed is:
- 30 days paystubs
- Most recent 2 years W-2 forms
- Most recent 2 months bank statement
Can I still qualify for a mortgage if I am not a U.S. citizen?
Yes, you can use money that is invested in the stock market. You will need to liquidate the stock and provide proof that the stock has been liquidated.
Income
I am self-employed, can I qualify for a loan?
Self-employed borrower’s can qualify for mortgages too! In order to qualify, self-employed borrower’s must have a 2 year history of being self-employed.
Can I use interest and dividend income to qualify?
You can use interest and dividend income to qualify. A 2 year receipt of this income must be present for qualification purposes.
Can I use retirement income to qualify?
Retirement income can be used to qualify. Borrower’s will need to provide their retirement / social security award letter.
I have rental Income. How will that be calculated?
If you recently purchased the property, 75% of the gross rental income from your lease will be used as rental income. If your rental property is reported on your tax return, the rental income will be based off of the profit / loss you show on schedule E for that property and then add back depreciation, taxes, insurance, mortgage interest and condo fees (if applicable).