Seasonal Income

This is income received by borrowers who consistenly work less than 12 months out of the year. These borrowers can include laborers, painters, gardeners, and construction workers.

You have to prove income when going full documentation which gives you the best rate for your situation. An alternative to proving income for those individuals with seasonal income or self employed is stated income. You only need to verify that you are currently working and can state the income you make. Your credit rating must be above a certain level (which is flexible with the subprime lenders in the market today) and you will receive a small hit on the interest rate for this type of loan.

Most underwriters will want to see at least a two year history of the seasonal job.

If you are a seasonal employee or business owner who is facing tight times in the "off-season" and need some help, speak to one of our representatives about designing a program which will help you smooth out your expenses and control the amount you spend each month, as well as free up some cash today to help ease any pressure.

Seasonal income is average over the year to give a monthly income. If the income is proven seasonal you may be allowed to use any unemployment income that has been recieved if there is a history of it.

Seasonal income is also common among teachers who take up summer jobs. Ask your mortgage broker if your second job or seasonal job can help you qualify for your mortgage.