Mortgage  Question?
Can You Use Income from a Note to Qualify for Mortgage?

Can you use income from a note or loan to qualify for a mortgage?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

For conventional mortgages, including Freddie Mac and Fannie Mae loans, guidelines typically require that borrowers provide two years of W-2s and two years of tax returns for most income sources, including income from wages, salary and bonuses. For income from a note receivable, however, borrowers are only required to provide the receipt of payments for the most recent consecutive twelve months (one year) to verify the income. Please note that income from a note must continue for at least three years for a borrower to include note income when they apply for a mortgage.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR.  Harry is a licensed mortgage professional (NMLS #236752). More about Harry

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