Types

• You may count funds from employment, self-employment, public assistance, alimony, child support, Social Security benefits or pension disbursements in your aggregate income.
  
  

Significance

• You must provide proof for each type of income claimed. For example, retirees must furnish a statement of benefits from the Social Security Administration, along with the last two bank statements showing the deposit.
  
  

Considerations

• Mortgage lenders require self-employed buyers to provide the most recent quarterly profit/loss statement. Some lenders might also request recent bank statements.
  
  

Expert Insight

• According to the U.S. government website, Making Homes Affordable, the typical borrower only needs to provide the last two pay stubs that show year-to-date earnings.
  
  

Effects

• You aren't required to disclose income received from alimony, child support or separation benefits. That can be beneficial if the payments aren't reliable.