Home Loans In Joliet, Illinois 

Joliet is Illinois’ third-largest city and is famous for its limestones. The limestone quarries in Joliet gave the city the nickname “City of Stone.”

According to recent studies, the City of Joliet is 14th in the Most Diverse Suburbs in Illinois (out of 363), 16th in the Chicago area (out of 291), and 338th in America (out of 6,788). Joliet’s diverse environment and community make the city an excellent place for people looking to settle in Illinois. 

Starting a new life in Joliet can be exciting. But before you explore the real estate market, you’ll need to figure out how to obtain the necessary financing. One of the most important requirements when applying for a home loan in Joliet is having a stable income source. 

What Income Sources Can Qualify For A Mortgage In Joliet?

Having more than one income source is a great way to boost your eligibility for a home loan. Lenders have more confidence to extend financing to such borrowers because it further reinforces their ability to repay the loan. 

Here are some income sources that may qualify for a mortgage with that in mind.

• Salary/Wages

The most primary income source is employment. Compensation is a no-brainer. When applying for a mortgage, it’s best to present recent 30-day payslips and at least two years’ worth of W2s, 1099s, income tax returns, etc., as proof of income.

• Business Income

If you’re self-employed, profits from your business are an alternative income source aside from compensation. But if you’re employed and earn business income, that’s a big plus. Prepare your most recent financial profit and loss statements and last two years’ personal and business tax returns.

• Investment Income

Do you own stocks or bonds that give you dividends or interest income? If you do, you can use that as an income source. Standard requirements include proof of ownership of the investments and receipt of dividends and interest income. 

• Alimony

Alimony payments can qualify for mortgages as long as there’s documentation supporting it, and the payments are scheduled to last for at least three years. 

• Rental Income

Rent from your apartments or AirBnBs can be a credible source of income for home loan application purposes. When applying for a mortgage, present your income tax return that includes rental income: present receipts or proof of stable rent income collection in the last two years.

Joliet, Illinois Mortgage Lender

Capital Home Mortgage is your trusted partner for home financing in Joliet. We offer a wide range of home loan programs, including Conventional, Jumbo, and government-insured FHA and USDA loans. 

Because we are a direct mortgage lender, we can offer these home loans at competitive interest rates and lower fees. Capital Home Mortgage handles the loan process from pre-qualification to funding, which in turn lets us offer flexible underwriting for on-time closings. 

Get The Right Home Loan In Joliet Today!

Talk to our loan officers in Joliet about your home financing needs. At Capital Home Mortgage, we are committed to providing you with a convenient and straightforward home buying experience. Get started today by calling (630) 339-3388.