I receive part of my income as sales commissions via Zelle from my company, which are clearly marked with the company name on my bank statements. I also have regular monthly direct deposits. I’m wondering if banks will accept these Zelle payments as part of my income when applying for a mortgage, or if it needs to be through ACH/direct deposit. Does the method of payment matter?
Does this income appear on your W-2?
The key is what appears on your paystub, not the method by which the money is deposited into your account.
Do you have a two-year history of these payments? Are they documented on your year-end paystubs with matching amounts?
A written verification of employment (VOE) from your employer confirming these payments, along with a two-year history, should suffice.
As long as you have verification of employment and the income is reflected on your W-2s, the method of payment (direct deposit vs. Zelle) shouldn’t be an issue. Make sure to provide paystubs as proof of income, and ensure all your income is reported on your tax returns.
@Amos
Yes, I also receive regular W-2 payments and additional Zelle distributions from my S corporation. All income is fully reported on my tax returns.
The method of payment usually isn’t a major issue. The underwriter might request confirmation from your employer, but it shouldn’t be a problem.
If you’re applying with a bank statement loan, they will likely accept the Zelle payments. For a full documentation loan, ensure all income is declared on your tax returns.