#55 Monday Morning Mortgage Tip: Stacy Himley at Guaranteed Rate
by Shane Andersen
on Wednesday, September 5th, 2018 at 12:48pm.
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 Stacy Himley from Guaranteed Rate. In this episode, Stacy discussed income verification, and why it's important. You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com Her office is located at 101 S. Reid St. Suite 307, Sioux Falls SD or on the web at www.Rate.com/StacyHimley
The Importance of Income Verification
- Exactly. Alright. Yes, like Stacy said, take two. We're gonna try this one more time. Hopefully our signal will hold out strong, and not cut everything out again. But good morning. Shane here with the Brooking Home Team powered by Century 21. Stacy Himley here with Guaranteed Rate, and we are doing our Tuesday version of the Monday morning mortgage tip, and she has some great information to you for this week's Monday morning mortgage tip on the Tuesday.
- Tuesday, perfect.
- So, there ya go.
- Today we're gonna talk about income. And income is important when you're buying a house or qualifying for a loan because it's how you're gonna pay your loan back. There's two different extremes I guess, if you will, on income. Sometimes it feels like we ask for a lot of information, and the reason usually is for South Dakota Housing or Rural Development, they're both income, there's maximum income amounts you can make. So we need to make sure we are sourcing every single source of income that would maybe show up on a tax return or in a bank account. So sometimes people think, well it's not on my tax return 'cause I just get money from Uncle Joe for you know, mowing his lawn or whatever. But if there's money going into your bank account, that becomes a you know, we gotta know. So, the reason we ask for a lot on that is because we have to prove to those two agencies, one or the other or both, that you don't make too much money at this other job to kick you out of the program. So that's one side of it. The other side is if you're doing just a regular loan and you wanna use income maybe from a side business still, we have to determine that it is stable, and that it's documentable. So if it's not, you really can't use it. Even you're not using it on the first extreme, we still have to document it. So it gets a little hairy sometimes on that, but just bear with your lender. There's always a reason why we're asking, and a lot of times it depends on what type of program you're using, so.
- Perfect. Yep, so be sure to check that out. Give Stacy a call if you have any more questions on that. As normal, I'll have her information on the top, on the bottom, or on the sides, wherever your device allows you to see that. Feel free to reach out to her. Reach out to me and I'll be sure that she gets the information. However you want to do that, we will get an answer for you one way or the other. And if you have question for us on our next episode, please be sure to ask that in the comments below too, or reach out to us somehow and we'll get that for you too. So that is today's version, the Tuesday version, of the Monday morning mortgage tip this week. We thank you for watching. We'll be back next Monday to continue on with a new Monday morning mortgage tip. Thanks again for watching guys. Have a great week and we'll be in touch. See ya.
- Thank you.
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