Acceptable Types of Income for FHA Loans

Anyone who works in the financial sector has had a client or two who are quick to state how much money they make. Problem is, sometimes that number doesn’t match their tax returns, and the days of stated income are a distant memory. Specifically, when it comes to FHA loans, projected (or hypothetical) income is also not acceptable for getting approved for a home loan. However, there are exceptions for this kind of income if it comes from:

  1. Cost-of-living adjustments,
  2. Performance raises, and
  3. Bonuses.

For the above exceptions to apply, the income must be:

  1. Verified in writing by the employer, and
  2. Scheduled to begin within 60 days of loan closing.

If you ever have a question about FHA loans, call 813-707-6200 and my team will be glad to go over it with you, or you can reach us here.