02 Jul Holly Walther Lending Team: Non-taxable Income – Fun Fact Friday
Holly: Hey guys, it’s Holly. Happy Friday. Hope you’re off to a great weekend. It’s myself and my little fill-in Ms. Daisy, and we are here with this week’s fun fact Friday. So this week I wanted to talk about non-taxable income. We get a lot of questions about that, and some quick examples would be child support, inheritance, gifts, and workman’s compensation. A lot of people don’t think of those things when applying for a loan. But the great thing about the non-taxable income is, the way we round it up, you could actually qualify for more. Because that amount of money equates to a higher qualification when we raise up what you can use as far as income.
So let’s say you earn $2,000 a month for workman’s comp. On an FHA loan that would actually equate to $2,300 a month. So if you’re close on DTI, which is debt to income ratios, that’s $300 a month bump in income could be a significant change in your qualifying ability. So just a quick tip. I know that, you know, it’s going to change per individual situation. So as always, call us. Let’s talk through the details. I hope you have a fantastic weekend and we’ll see you next week.