‘Unverifiable income’ can limit your mortgage options — here’s how to get around it
Published Wed, Dec 11 202411:06 AM ESTUpdated Thu, Dec 12 202410:10 AM EST
By: Ana Teresa Solá
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A number of factors can get your mortgage application denied. So-called “unverifiable income” is one of them.
Mortgage lenders want to know if you’re financially capable of paying back the loan. One way they’ll do that is by requesting documents like your federal income tax returns, W-2 and current pay stubs, according to Freddie Mac.
Any money that you earn that isn’t tied to a form like a W-2 or 1099 can make it difficult for a lender to verify your annual income, said Jacob Channel, an economist at LendingTree.
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