Income
This section is being built as part of the Louisiana Mortgage Handbook.
Income is one of the biggest parts of mortgage approval, but not all income is reviewed the same way. Salary, hourly income, overtime, bonus, commission, self-employment, retirement, Social Security, rental income, and support income can all be treated differently.
Why income can feel confusing
What you earn and what a lender can use for qualifying are not always the same number. Lenders usually need to verify income history, stability, likelihood of continuance, and documentation before using income to qualify.
More income topics are being added. Final qualifying income depends on documentation, underwriting review, lender guidelines, and approved credit.