For those that still get bonuses and will receive one in 2009, congratulations! For those lucky few that also plan to purchase a home or get a mortgage in 2010, you can still use your bonus as stable income to qualify for a loan. The guidelines and documentation are a little different than last year, and I posted them below. Always good to be prepared!

This is what most mortgage lenders will ask for if you are using this bonus income to qualify for a loan. Even if you don’t need it to qualify, they still might ask for it, so be prepared.

• A two year history of receiving the bonus is required-last year a one year history was good enough
• Probability of continued receipt is required- a letter from employer works
• The paycheck which shows the bonus received is great proof- so save it
• Last two years W-2’s and tax returns must be included with the loan application package
• And a verbal verification right before the closing is a must

None of this is hard to get, but I would suggest saving a copy of the bonus paycheck in a drawer and know that you need to ask your employer for a letter confirming that the bonus will be received again in 2010. This might be hard for them to commit, especially if it is a performance bonus. However, it is a deal breaker if you don’t have the right wording, so make sure they get you the right stuff. 

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