Unverifiable income can lead to mortgage application denials, as lenders require documents like tax returns, W-2s, and pay stubs to verify financial capacity.
About 12% of prospective homebuyers faced mortgage denial due to unverified income, highlighting the challenges presented by non-traditional income sources like rental earnings.
Non-conventional mortgage options are available for individuals whose income is hard to verify, though they may come with higher rates, as noted by industry experts.
Programs like Non-QM loans offer flexibility in income verification and are designed for self-employed individuals or those with varied income sources, according to mortgage professionals.
#mortgage-approval #unverifiable-income #homebuying-challenges #non-conventional-mortgages #financial-verification
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