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Can stocks be used as income?

by rmcfarla653 from Idleyld Park, Oregon. Oct 13th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

It depends on the circumstances. Generally speaking, an underwriter is looking for a source of income that has been steady over the last few years AND is likely to continue for three or more years. That said, dividends produced by stocks you own in a taxable account (not a tax deferred account like an IRA) can be used as income. If you trade stocks either for a living or to supplement your income, then an underwriter is going to look at the trend in much the same way they look at overtime or bonuses. If you are talking about selling a bunch of stock you have held for a while and using the proceeds of that sale as income, the underwriter is not likely to consider the transaction as a steady source of income. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Oct 13th 2020
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