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Frequently asked questions

Why would my verified income be different than my stated income?

The amount of income we verify impacts the total loan amount we can offer you. In some cases, verified income might be lower than stated income. Investor and industry guidelines govern what income we are able to use. Here are a few examples:

  1. If you earn bonus, commission, or overtime income that hasn’t been consistent over the last 2 years, we may not be able to give you credit for all of it.
  2. If you are reporting any self-employment losses on your tax return, they will be deducted from your qualifying income.
  3. If self-employment income is declining year-over-year, we have to use the lower amount.
  4. If you report rental income, we use the net amount, after subtracting out certain expenses you have written off on your tax return.
  5. If you are using income from alimony or child support, we have to document that it will be received for at least the next 3 years.

If you want additional certainty as to the purchase price you qualify for, we recommend getting a verified pre-approval letter.

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    Β© 2021 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC provides real estate services; Better Cover, LLC provides homeowners insurance policies; and Better Settlement Services provides title insurance services. All rights reserved.

    Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender. NMLS Consumer Access

    Better Real Estate, LLC dba BRE, Better Home Services, BRE Services, LLC and Better Real Estate is a licensed real estate brokerage and maintains its corporate headquarters at 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007. A full listing of Better Real Estate, LLC’s license numbers may be found here. Equal Housing Opportunity. All rights reserved.

    Better Settlement Services, LLC. 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007

    Homeowners insurance policies are offered through Better Cover, LLC, a Pennsylvania Resident Producer Agency. License #881593. 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007

    Better Mortgage Corporation, Better Real Estate, LLC, Better Settlement Services, LLC and Better Cover, LLC are separate operating subsidiaries of Better Holdco, Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable and legal and regulatory requirements. Products not available in all states.

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