Not all mortgage companies allow additional income such as overtime, bonus, and commission payments. Some lenders will only consider a portion of this income, while others may not consider it at all. It is important to check with the lender you are considering to see if they will accept this type of income.
If you do have overtime, bonus, or commission income, there are a few things you can do to make it more likely that a lender will accept it. First, make sure that you have a history of receiving this income. This will show the lender that it is a reliable source of income. Second, be prepared to provide documentation of your income, such as pay stubs or tax returns. This will help the lender verify your income. Finally, be prepared to explain how you will use this income to make your mortgage payments. This will show the lender that you are a responsible borrower.
Getting a mortgage with overtime, bonus, or commission income can be challenging, but it is possible. By following these tips, you can improve your chances of getting approved for a mortgage.