Can income not reported on Taxes be used for Mortgage App,

[Takunda1]

Just curious if its possible ti use "ther income" that is not reported on your taxes. Say you have proof that a specific amount is deposited into your checking account every month, but its not your employement wages. Can that be used as income?

[DallasLoanGuy]

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Takunda1 wrote:

Just curious if its possible ti use "ther income" that is not reported on your taxes. Say you have proof that a specific amount is deposited into your checking account every month, but its not your employement wages. Can that be used as income?

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it must be a verifiable 'source'

deposits on a bank statement isnt good enough

[Takunda1]

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DallasLoanGuy wrote:

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Takunda1 wrote:

Just curious if its possible ti use "ther income" that is not reported on your taxes. Say you have proof that a specific amount is deposited into your checking account every month, but its not your employement wages. Can that be used as income?

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it must be a verifiable 'source'

deposits on a bank statement isnt good enough

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Verifiable how? I get a wire transfer into my bank account every month from my parents  is that considered vefiable.?

[Takunda1]

BUMP!

[DallasLoanGuy]

Trust Income. Income from trusts may be used if guaranteed, constant

payments will continue for at least the first three years of the mortgage term.

Documentation is required and includes a copy of the Trust Agreement, or other

trustee's statement, confirming amount, frequency of distribution, and duration of

payments. Funds from the trust account also

may be used for the required cash

investment with adequate documentation.