You have to prove your income in order to get a home loan, usually by providing the following:
The underwriter will typically only count the income that is net of expenses. Typical expenses would be associated when a borrower files a Schedule C if you are an independent contractor or sole proprietor AND/OR a schedule E if you have a corporation.
An example of an easy loan would be if you or your combined income with a spouse was $60,000, you could afford about $200,000 for a new home in Arizona, with about $5,000-$10,000 down.
For Arizona residents, here is a more detailed explanation of showing proof of income in AZ for a new home loan.BACK TO LIST