Most apps ask the income question in such a way that says ....
what is your h/h income INCLUDING sources such as child support/alimony etc
(this is obviously VERY common and quite frankly as been vetted this way for YEARS...otherwise a LOT of exes would not have been able to qualify for loans ....and THAT wasn't gonna work.
Just like how the Credit Card Act 'had' to get 'fixed' as not to punish 'stay-at-homes' that wouldn't otherwise be ablee to PROVE income,
now the 'prove' thing only exist for under 21 (kids) but an adult can use 'household income' that they have access to.) I say all that to say, when answering the income question it is absolutely fine for you to simply put the TOTAL $5500 w/o a huge explanation or break down, about it at that point....it's simply $5500, period.
*Now will there be times or certain lenders that request POI....sure but it won't be BECAUSE of your source,
something else in the file may cause the request OR some lenders just request period
(that's when a break down is given but again most places tell you right in the app you can include or exclude stuff like c/s, up to you)
FYI lots and lots of lenders don't even bother with POI docs any more anyway (including NFCU...my 3rd payment is due in 2 weeks.
They've never asked me for ANYTHING not even I.D.
but they've given me
a big CL unsecured credit card (started @14k, now 22k),
their max unsecured LOC and
sent me out a pre-approved check to auto shop with w/o asking to SEE anything
(Funny thing is I'm now...PenFed wants POI to refi the same car
(at half the already good rate from 4.99 down 2.49 and 10 less payments+ a new 20k CC)
so ok they'll get the income docs but Cap1, Discover, USAA and my local CU all gave credit without explanation of 'where' or how the income source broke down.
LAST FYI... Don't "TAKE A PREAPPROVAL WITH YOU" to the dealer in 'that manner'
(we used to preach this all the same when I worked at a CU) the dealer will treat you different if they know you have that preapproval...
there will be no 'special deals' and you can't play coy etc....
No, no no don't say you have a check until it's GO time.......
I shopped with NFCU check in hand as if I was paying CASH (btw Navy sends you a CHECK not a letter a CHECK)
so I carried myself and spoke to the dealer with the swagger of a CASH buyer and once the deal was made I whipped out my check
AFTER the terms were set.... Salesperson said 'hey I thought you were paying CASH' I'm like THAT is as good as cash
(they will TRY to play the 'sometimes it takes X amount of time to 'process' CU pre-approval checks....HOGWASH....
I went to dealer on a Saturday and wasn't coming back to pick up the car until the following weekend b/c of extras that were ordered etc...
anyway they processed and got there money on MONDAY the 1st business day
( I know b/c Navy doesn't hit you with having a loan til the check is cashed and it was processed MONDAY
(Navy sends you a check good for 60 days, took me a month to find what I wanted...nothing happened til they GOT their money
Again , I say this.... to say ACT like a CASH buyer when you have a basically a cashier's check in your pocket.
When you can say NO FINANCING needed......
I'm PAYING TODAY...what can you do FOR ME...not only does it FEEL good, the deal happens w/o a bunch of B.S. that happens
when they 'know' what's in your hand or know you have to finance thru their sources......act like cash, pay like cash, get that cash deal
@Pway wrote:Paragraph's please. It make it easier to read.
Don't know why it didn't break up the 1st time but I did my best to fix it
(I can't stand a glob of word myself....so I hope it's better now )
As Gemini said, there is a chance it will not even be asked about. Either way, best of luck!
