TRUTH IN LENDING LAWS
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TRUTH IN LENDING LAWS
CAN A MORTGAGE COMPANY INCLUDE YOUR OVERTIME IN YOUR INCOME IN ORDER TO QUALIFY YOU FOR A LOAN YOU OTHERWISE WOULD NOT QUALIFY FOR?
Asked on May 24, 2009 under Real Estate Law, Nevada
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Your mortgage company can include whatever they want to determine whether o not to lend you money. Usually, your loan is based on your ability to pay along with your track record of making timely payments. Most lenders require you to submit w-2's and bank statements and so forth so they can analyze your spending habbits and decide whether you are worthy/responsible and can repay the loan each month. it is to your benefit that the lender look at all your income.
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