Can I use bonus income to qualify?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Usually yes, if the bonus is consistent. Lenders average bonus income over the past two years and require a likelihood that it continues, typically confirmed by your employer or shown on W-2s and pay stubs.
A one-time or brand-new bonus generally can't be counted. If your bonus has a two-year track record and your role makes it ongoing, we can include it to boost your qualifying income and the price range you reach.
How lenders treat bonus income
Bonus pay counts, but with rules. Lenders want a two-year track record. They average the last two years and use that figure. A one-time bonus rarely helps. A steady yearly bonus almost always does.
Your employer may need to confirm the bonus is likely to continue. We gather that letter for you. Bring your W-2s and recent pay stubs and we will show you how much of the bonus we can use.
Making it count in Florida
Bonus income can push a Florida buyer into a bigger price band. It also helps your debt ratio. A strong bonus history can offset a car payment or student loan.
Not sure if yours qualifies? A quick call sorts it out. We run your numbers before you shop so the bonus is baked into your budget, not a surprise later.