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Kentucky Mortgage Approval: Income Requirements Explained

Acceptable Income and Job History for a Mortgage Loan Approval in Kentucky

Kentucky Mortgage Approval

Income and Job History Guidelines

What income can be used

Salaried income
Hourly income
Overtime and bonus
Commission and tips
Part-time and multiple jobs

Must be documented and stable.

Required income documents

Recent pay stub (shows year-to-date earnings)
W-2s (1–2 years, depending on income type)
Employer verification (verbal or full VOE)

Requirements vary by loan program and employment profile.

How income is calculated

Salaried or fixed hourly: based on year-to-date gross income
Variable hourly (fluctuating hours): 12-month average
Commission and tips: 24-month average

Averaging is the standard method.

Overtime and bonus rules

Two-year history is preferred
Must be likely to continue
Declining overtime/bonus typically cannot be used

Consistency matters more than spikes.

Part-time and multiple jobs

FHA: generally requires a 2-year history
Conventional (Fannie Mae): may allow 12 months if consistent and supported by positive factors

Guidelines differ by program.

Variable income explained

Fluctuating hours
Seasonal overtime
Bonuses and commission

Reviewed for history, frequency, and trend.

Income trending review

Stable or increasing: average may be used
Declining but now stable: current lower amount may be used
Ongoing decline: income may not qualify

Trends can determine approval.

Kentucky Mortgage Approval: Income and Job History Guidelines

3 thoughts on “Kentucky Mortgage Approval: Income Requirements Explained”

Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans says:

09/17/2018 at 10:17 pm

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What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?

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As a life-long Kentucky resident, I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. You can trust me for your next mortgage loan. I deliver on what I say and I will give you honest, up-front personal attention you deserve for your home loan. I have several advantages over the big- mega banks in town. First, I can shop your loan thru different mortgage companies across the country to seek competitive rate options and programs that don’t fit regular bank guidelines, whereas most banks will offer offer you there one and only deal. I have access to over 15 different mortgage companies to broker your loan thru. You will not get lost in the shuffle like most borrowers do at the mega banks; your just not a number at our company, you are a person and we will treat you like one throughout the entire process. Free pre-approvals within 6 hours and get your loan closed within 15-30 days. Give us a try or let us compare what you have now. Call me or text me locally anywhere in KY at call/text me 502-905-3708; this is my personal cell phone and I carry it on me at all times. Free credit reports and approvals.

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