Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Emmy Lebert from Dakotaland FCU. Today, we talked about what income you can use to qualify for different housing programs.  You can reach Emmy at 605.697.5922 or emmyl@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 What Is Qualifying Income?

- Good morning, everybody. How you doing? Shane here from the Brookings Home Team, powered by Century 21. 8:15 Monday morning on the dot, and I got Emmy here from Dakotaland. She's gonna be talking a little bit about a Monday morning mortgage tip. Before we do that, as always, as you guys jump on here, let us know, give us a heart, give us a thumbs up. If you have any questions while we're on here, we'll try to answer them if we can. If not, we will be able to answer them, hopefully on a later episode or offline here, but all of Emmy's information will be on the top, on the bottom, or on the sides, wherever your device allows you to see that. With that being said, what is the Monday morning mortgage tip today?

- Today we are going to talk about qualifying income. We've had a lot of questions lately about what income you can use to qualify. So if you're retired, we can use your Social Security benefits. We can use retirement, pension plans. Also if you're a first-time home buyer with South Dakota Housing, and looking at a zero per cent down loan, Rural Development now requires you to have one year of work history before you can qualify to get a zero per cent first-time home buyer loan. So before, we were able to use your college transcripts, but now you have to have that one year of work history. Also, if you have a second job, then you're going to want to have that for two years or longer before we can use that for qualifying income. If you're self-employed, make sure you know we go off of net pay, not gross pay. So there are things we can add back in, such as depreciation to your net pay, but I know it's a double-edged sword a lot of the times with self-employment income, that you want to write off as much as you can for tax purposes, but we do go off of net, that net pay, not that gross pay. So just some things to think about. If you have any questions with qualifying income, you can contact myself or Danny, and we're always here to help.

- Yep, great stuff. So just real quick, a question on the second job. So they could be working full time on a regular career job, and they could have a second one in the, on the side?

- Mm-hmm.

- And they have to have two years?

- Yes, you have to have two years of that second employment for us to use it in your qualifying income.

- And what program, only, for that one? All programs?

- That's all programs. Yep.

- Okay, all right. I did not know that either, so, all right, good stuff. So that is today's Monday morning mortgage tip. Like I said, if you have any questions for Emmy or Dani here at Dakotaland, let us , let them know. All their information is in this post here or will be, if it won't be here shortly. If you do have questions, let us know as that, as well. I can't even talk, today's Monday. I don't know what I just said, but anyway, have a great Monday. We'll be back next week for our next Monday morning mortgage tip. Till then, guys, have a great week and hope to see you soon. See you later.

- Happy Monday.

- Yes.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!