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

There are many factors that can cause your verified income to be different than the income you stated. 

For example, if you have a base salary but earn extra money in overtime, commissions, or work bonuses (and if these additional amounts are inconsistent over a period of two years) it can be hard for lenders to verify these funds. 

Alimony or child support payments can also come into play; If you receive these payments, lenders typically have to assume you’ll be receiving these payments for the next 3 years.

Also, if you’re self-employed and you’re receiving less and less income overtime, lenders will typically go with the lower amount.

And finally, if you’re a renter, lenders will generally use the net amount (minusing and additional write-offs/expenses).

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