When verifying applicants for their employment status, it can be assumed that they have at least one source of income. As your trusted mortgage advisor, I’m here to say that there are other types of revenue that can be considered eligible income towards your mortgage application.
The following types of income are eligible for a mortgage application
Part Time Income
Part time income is considered eligible; however, two years of verification is generally required. Also, when you’ve been working FT in a position for a long period of time, if you move down to PT status, lenders will view your start date at PT for the two-year period.
Investment Income
As long as the last two years of T5s are supported by receipts, documentations and shows current assets, investment income is eligible when applying for a mortgage.
Rental Income
If you have rental properties and are producing a positive monthly revenue, this income is eligible when applying for a mortgage
Other Types of Eligible Income
- Pension Income
- Maternity/Paternity Leave
- Child Support and Alimony
- Disability
- Foster Children
To sum it up, chances are that if the income is registered, follows the lenders guidelines and has the proper documentation, it can be considered eligible for a mortgage application.
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