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Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am not a lender, but verifying income seems vital to the process.

Oct 29, 2024 02:47 AM
Rainmaker
1,101,689
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

LOL you do not get the award for silliest questions but you're certainly in the running! 

ANSWER: ONLY if we wish to avoid another mortgage cluster like the last bust! But otherwise, go ahead and give that ham sandwich a loan! LOLZ

Oct 29, 2024 07:54 AM
Rainmaker
1,620,251
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO
Big Block Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

I wasn't sure if this was a serious question since it's such an obvious answer.
But, I'll let Jason E. Gordon educate you.

Oct 29, 2024 08:54 AM
Rainmaker
1,643,917
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker, Notary

Well, under the new ATR (Ability to Repay) rules, on must prove they can repay.  No more "Yeah, I'll pay you back" loans exist.

Oct 29, 2024 07:47 AM
Rainmaker
2,850,026
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Heavy vetting with no exceptions is what I found & that's the process buyers must meet & qualify according to lender specifications not theirs or mine

Oct 29, 2024 07:34 AM
Ambassador
1,312,651
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Debt to income ratios is used to determine credit approval when applying for a mortgage. At some point, lenders may even ask to see your IRS tax records for verification. This is certainly true for the self-employed. 

Oct 29, 2024 06:59 AM
Rainmaker
655,188
Jason E. Gordon
CMG Mortgage, San Diego, CA - Coronado, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Ever since the 2007 Housing Crisis, the Government has put immense pressure on lenders to demonstrate "Ability To Repay" (ATR) when approving a Borrower. In my opinion, we have over-corrected on this topic...hoping for some leniency to someday reappear for Self-Employed borrowers.

Oct 29, 2024 10:01 AM
Rainmaker
789,904
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Income Verification is required to get a traditional loan.  This would prevent loan approval if income is not verified.

Oct 29, 2024 07:47 AM
Rainmaker
5,488,259
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

An experienced mortgage broker with a plethora of funding sources may be able to direct you to a program where there are alternatives but the price of entry is high. In normal circumstances income verification is critical since it determines what you can pay.

Oct 29, 2024 04:57 AM
Ambassador
3,431,167
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Yes. 

It depends on the amount of income, the loan and the lender's requirements. 

Oct 29, 2024 12:17 PM
Ambassador
1,093,455
John Meussner
Catalyst Mortgage - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Depends on the loan and transaction type.  For most residential loans it's a vital piece of the puzzle.

Oct 29, 2024 11:03 AM
Rainer
415,354
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I think yes.  But I also have a 22 year old mortgage that was no doc.  

Oct 29, 2024 09:17 AM
Rainmaker
618,342
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor" RETIRED

It should be, but I hear that some lenders are doing Stated Income!!!

Oct 29, 2024 07:54 AM
Rainmaker
1,293,076
Peter Mohylsky,
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

My answer is that it is required.  

Oct 29, 2024 07:51 AM
Rainmaker
1,446,248
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I let the lender take care of verifying income for the buyer. It is a normal part of the approval process.

Oct 29, 2024 01:20 PM
Ambassador
6,692,782
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

If I were lending money, I would want to know how it was going to be paid back.

Oct 30, 2024 08:52 PM
Rainmaker
933,368
Jeff Pearl
Samson Properties / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It depends. Bring back "Stated Income" loans!

Oct 29, 2024 01:44 PM