How Self-Employed Income Is Viewed for a Mortgage (And Why It’s Not as Hard as You Think)

Self Employed Income for mortgage qualifying in WAIf you’re self-employed and thinking about buying or refinancing a home in Washington State, you’ve probably heard something like: “It’s really hard to get a mortgage when you work for yourself.” That’s partly true — but it’s not the whole story.

The reality is that self-employed borrowers have more mortgage options today than ever before. The key is understanding how different loan programs view your income, and finding the one that best fits how your finances actually look on paper.

Here’s a clear breakdown of what to expect. [Read more…]

How Lenders Qualify Salary, Hourly, and Variable Income

When it comes to getting a mortgage, how much you earn matters — but so does how you earn it. A W-2 salary looks very different to an underwriter than an hourly wage, a part-time paycheck, or income from a second job. And if you’ve recently started a new position or are expecting a pay increase, there are specific guidelines that govern whether that income can even be used to qualify.

Let’s break it all down. [Read more…]

Using RSUs and Restricted Stock to Qualify for a Mortgage in Washington State

RS and RSU Income for buying a homeIf you work at Amazon, Microsoft, Google, or any of the hundreds of tech and corporate employers in the greater Seattle area, there’s a good chance equity compensation — restricted stock units, restricted stock grants, or stock options — makes up a meaningful portion of your total pay. Understanding how mortgage lenders treat this income is essential before you apply, because the rules are more nuanced than most buyers expect and the guidelines have recently been updated.

Here’s what Washington State tech workers and equity-compensated buyers need to know. [Read more…]

Mortgage Qualifying: Your Income, Job, and Debts: Workshop Replay!

Mortgage Qualifying: Your Income, Job, and Debts Workshop

How lenders determine what you qualify for—and how to prepare

One of the most common questions I hear from home buyers is:
“How do lenders decide how much I qualify for?”

In this workshop replay from my Home Buying Workshop Series, we break down the basics of mortgage qualifying—specifically how lenders review your income, employment, and monthly debts to determine what payment, loan amount, and home price may be realistic for you.

Understanding these basics early can help you avoid surprises, make better decisions, and feel more confident when you’re ready to buy.


Watch the Workshop Replay

This workshop is especially helpful if you: [Read more…]

Using Roommate or Boarder Income to Qualify for a Mortgage in Washington State

Using roommate or boarder income to qualify for a mortgage

If you’re currently renting with a roommate and thinking about buying a home, there’s a mortgage program feature you should know about: boarder income. Under Fannie Mae’s HomeReady program — and Freddie Mac’s Home Possible — documented rental payments from a roommate or lodger can be counted as qualifying income for your mortgage.

Here’s how it works, which programs allow it, and what documentation you’ll need.

Does Renting a Room Count as Income for a Mortgage?

[Read more…]