A New Jersey Mortgage Company specializing in Residential Mortgages, Refinancing, Second Mortgages, Investment Properties and Construction Loans.





Income and Self Employed Income

     Income - There are many different types of income that can be used to qualify you for a mortgage loan such as, Commission, Overtime, Second Job, Rental, Alimony, Child support, SSI and Retirement income, whether it is your sole income or in addition to your W-2 income.

     All these incomes have different guidelines. These are basic examples and not in detail to assist you in understanding different ways income can benefit you in qualifying for a mortgage loan. They are each calculated and documented differently by lenders and the program you choose.

     Commission, Overtime and Second Jobs when established over a two year period in the same line of work can be used.

     Rental Income is calculated using rent minus expenses such as homeowners insurance, property taxes and repairs.

     Alimony and Child Support can be used as income when there is documentation that it will continue for at least two years.

     Income from Social Security can be used, and can be documented with your annual awards letter.

     Retirement such as Pensions are used along with SSI for your total income.

     Always mention at the time of application any and all income you receive when applying for a Full Doc loan to qualify with the your lender.

     Self Employed Income - Many self employed borrowers believe that they may not have the income showing on their 1040's to qualify for a mortgage. While 1040's can be used to qualify, there are other options.

     Often there are tax write offs and business expenses that lower income on a federal tax returns, or self employed borrowers may not file a separate business 1040 and this income is incorporated in your personal tax returns. You may use a stated or No doc programs in these cases.

     You may also qualify using 24 months business bank statements adding all deposits within the last 24 months and averaging them. This allows you to use the cash flow from your business as income. This type of documentation is considered a Limited Doc loan program but many lenders will consider this as a Full Doc loan giving the best rates to self employed borrowers.

     You will need to verify that you have been in business for 2 years or more to qualify. A CPA letter from your accountant is used to verify employment, stating how long you have been in business and how much of the business or interest in a business you may own.



Your Lending Specialist

Deborah Apgar
Loan Officer
57 High Street
Newton, New Jersey 07860
Phone: 973-940-0505
Fax: 973-940-7995
Cell: 973-219-3697
Email: dapgar@hotmail.com



  Licensed by the Dept. of Banking & Insurance  

Copyright © 2003-2006 Marquis Mortgage Assoc. - All Rights Reserved




New Jersey counties we serve: New Jersey Counties - Atlantic Bergen Burlington Camden Cape May Essex Gloucester Hudson Hunterdon Mercer Middlesex Monmouth Morris Ocean Passaic Somerset Sussex Union and Warren county.

New Jersey towns we serve: Aberdeen Absecon Allamuchy Alloway Alpine Ampere Andover Arlington Asbury Park Avon by the Sea Atlantic City Atlantic Highlands Basking Ridge Bayonne Beachwood Belle Mead Belleville Bellmawr Belmar Bergenfield Berkeley Heights Berlin Bernardsville Blackwood Blairstown Bloomfield Bordentown Branchville Bricktown Bridgeton Bridgewater Brielle Brigantine Budd Lake Burlington Butler Byram Camden Cape May Carlstadt Carteret Cedar Grove Cedar Knolls Chatham Cherry Hill Cinnaminson Clark Clayton Cliffside Park Clifton Clinton Closter Columbus Cranbury Cranford Cresskill Dayton Delran Demarest Denville Dover Dumont Dunellen East Brunswick East Hanover East Rutherford East Windsor Eastampton Eatontown Edison Elizabeth Englewood Erma Ewing Fair Haven Fair Lawn Fairfield Farmingdale Flanders Flemington Florham Park Forked River Fort Lee Franklin Lakes Franklin Park Freehold Frenchtown Garfield Gladstone Glassboro Glen Rock Green Brook Hackensack Hackettstown Haddon Heights Haddon Township Haddonfield Hamilton Hanover Harrington Park Harrison Hasbrouck Heights Hawthorne Hazlet Highland Park Hightstown Hillsborough Hillsdale Hillside Hoboken Ho-Ho-Kus Holmdel Hopatcong Hope Hopewell Howell Iselin Island Heights Jamesburg Jersey City Keansburg Kearny Kenilworth Keyport Lake Hopatcong Lakewood Lambertville Lanoka Harbor Laurel Springs Lawrenceville Lebanon Ledgewood Lincroft Lincoln Park Linden Little Falls Little Ferry Little Silver Livingston Lodi Long Branch Longport Long Valley Lumberton Lyndhurst Madison Mahwah Manahawkin Manalapan Manville Maple Shade Maplewood Marlboro Marlton Matawan Mays Landing Maywood Medford Mendham Metuchen Middlesex Middletown Midland Park Milford Millburn Millville Monmouth Junction Montclair Montvale Montville Moonachie Moorestown Morris Plains Morristown Mount Arlington Mount Holly Mountainside Mt. Ephraim Mt. Freedom Mt. Laurel Mt. Tabor Mullica Hill Murray Hill Neptune New Brunswick New Providence New Vernon Newark Newton North Arlington North Bergen North Branch North Brunswick North Plainfield North Wildwood Northvale Nutley Oakland Ocean City Ocean View Oceanport Oceanville Old Bridge Oradell Orange Palisades Park Palmyra Paramus Park Ridge Parlin Parsippany Passaic Park Paterson Peapack Pemberton Penn's Grove Pennington Pennsauken Piscataway Pitman Pittstown Plainsboro Pleasantville Point Pleasant Pompton Pompton Lakes Princeton Princeton Junction Rahway Ramsey Randolph Red Bank Richland Ridgefield Ridgefield Park Ridgewood Ringwood River Edge River Vale Rochelle Park Rockaway Roosevelt Roseland Rumson Runnemede Rutherford Saddle Brook Saddle River Sayreville Scotch Plains Sea Isle Secaucus Sewell Shrewsbury Sicklerville Smithville Somerset Somerville South Amboy South Belmar South Brunswick South Orange Sparta Spotswood Spring Lake Springfield Stanhope Stewartsville Stone Harbor Stone Tavern Succasunna Summit Teaneck Tennent Teterboro Tewksbury Thorofare Tinton Falls Toms River Trenton Tuckerton Turnersville Union City Upper Saddle River Vernon Verona Vineland Voorhees Waldwick Wall Wanaque Waretown Warren Washington Washington TWP Watchung Wayne Weehawken West Berlin West Caldwell West Long Branch West New York West Orange West Paterson Westfield Westmont Westville Westwood Whippany Whitehouse Station Whiting Wildwood Williamstown Winfield Park Woodbridge Woodcliff Lake Wyckoff.