What is your income? Are you ready to buy a home! Call me today I would love to help.

1. Penny P. Tindall
REALTOR
Realty One Group, The Brodkin Team
pennylasvegas.com
M: 702-420-8964 O: 702-898-1010
Jim & Vicki Sheppard
Loan Officer | NMLS #552422 & 552424
Castle & Cooke Mortgage
vsheppard@castlecookemortgage.com
jsheppard.castlecookemortgage.com
M: 702-525-5604 O: 702-475-6337
6900 Westcliff Drive, Suite 800 | Las Vegas, NV 89145
To list or find a home: For financing:
Castle & Cooke Mortgage, LLC NMLS #1251. Restrictions may apply. Not all who apply will qualify. Program qualifications and offerings are subject to change at any time.
Recipients of this information may utilize the services of either entity above independent of the other entity.
Qualifying Income
Under what conditions can different
sources of income be used...
W-2 or salaried wage earners must be employed over
the past 2 years, with no significant gaps that can’t
be explained. Overtime and bonus income must be
averaged over the previous 2 year period, with the
likelihood of continuance expected.
Contracted or educationally earned employment can
be looked at in-lieu-of work experience, if a degree is
relavent to new employment such as teachers, doctors,
and attorneys. This also applies to salaried or hourly
employees that are advancing themselves through a
degree program.
Second jobs require a 2 year history with the same
expectations as the primary job, avoiding any question
about whether a job was obtained only to qualify for a
purchase.
Seasonal or part-time employment are okay provided
the same 2 year ‘test’ is assumed. The useable income
would be a 24 month average.
Self-employed in the same line of work for the previous
2 years. Tax returns may indicate ‘schedule c’ expenses
to operate business. We then use the ‘adjusted gross
income’ for qualifying purposes, divided by 24 months.
All commissioned employees have to be income
averaged over 24 months after any expenses. Sales over-
rides or bonuses, etc. have to be customarily received,
and averaged over the past 2 years.
Interest income has to be reflected on tax returns, and
it will be averaged for 2 years. Depending on the source
of income, we may ask to prove its continuance for
the next 3 years. Rolling over interest and adding to
principle is not considered received income.
Trust deed and note income must be consistent and
received for the past 2 years. In other words, is this
source of income reliable. And will it continue for at
least the next 3 years.
Rental income can be included with a 2 year history as
a landlord. After all expenses, maintainance, or losses,
then a 2 year average would be used.
Trust and royalty income received consistently over
the previous 2 years will be averaged to allow for
the natural fluctuations of the markets. Are there
stipulations to the entitlement? Do they expire within
the next 3 years?
Retirement income must be verified as a permanent
source of annual or monthly income, or are they
derived from a “closed-end” source due to expire
within 3 years. Social security disability payments may
not be a lifetime benefit.
Declining income from most sources may represent
issues beyond simply income averaging. Therefore,
qualifying income may have to be reduced and may
not be eligible for use in qualifying. Is the business
suddenly not profiting?