When Looking to Buy, Know Your Income
It likely comes as no surprise that when an underwriter is reviewing an individual’s mortgage application, income plays a huge factor.
“We want to see a history of income that’s documented and has a likelihood to continue,” says Arlene Allert Maloney, Senior VP of Wells Fargo Home Mortgage.
And for individuals with lower incomes, all is not lost. Allowing your income to go further by paying off debt will make you a more attractive candidate.
Image via flickr/LendingMemo
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