Q. When we filled out our Loan Application I noticed that below the section
labeled Gross Monthly Income there was a designation “Other income”.
What are they referring to, part-time or second jobs? What qualifies?
A. There are many other potential sources of income (like Social Security
and Disability payments, to name but two) and the use of them for
qualifying comes down to a very simple rule. It must be reliable, recurring,
verifiable and extend into the future for at least 3 to 5 years.
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