@samy2576 wrote:
If I have a notarized promissory note that says someone must pay me money monthly is that able to be counted as income for FHA?
I have proof I have been getting payments for at least 12 months and that it will continue for at least another 24 months.
Yes, as long as you meet HUD guidelines, provided below.
per 4155.1 4.E.2.c
In order to include notes receivable income to qualify a borrower, he/she must
provide:
· a copy of the note, to establish the amount and length of payment, and
· evidence that these payments have been consistently received for the last 12
months, in the form of:
- deposit slips
- cancelled checks, or
- tax returns.
If the borrower is not the original payee on the note, the lender must establish
that the borrower is now a holder in due course, and able to enforce the note.
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