Income Training

Income requirements

Review of most common income streams and documentation required

Salary/hourly

Commission - Overtime - Bonus

2 years reported Required: Verification of employment or 2 years W2s plus year-end paystubs including income breakdown

Union Workers

We need a VOE or Union contract to verify coverage and income differential.

Additional paystubs may be required. Can use W2s from previous employer while with Union

Secondary Income

Seasonal Income

ADDITIONAL Income

Requires 3 year continuance

Child Support

Allimony

Social Security

VA Benefits

rental income

1. 2 years tax returns
2. Mortgage Statements
3. Property tax bill for property

self employed

Sole Prop

Usually reported on Schedule C

Partnership

Reported on Schedule E

Corporation

Reported on Schedule E

Need 2 years personal tax returns K1 statements and/or W2s

Need 2 years personal tax returns K1 Statements and/or W2s

Need 2 years personal tax returns. 1099 income may be reported here i.e. Realtors Rare occasions W2's are applicable

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Questions?

Questions?

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Divorce Decree/Custody Agreement Must have 6 month's record of full regular timely payments

Must have 2 years

In Genially you’ll find more than 1,000 templates that are all ready for you to enter your content and customize, and that are super handy for your classes?

Divorce Decree/Separation Agreement 6 months record of full payments

Must be employed for at least 12 months- 24 months preferredMust have VOE

• VOE dated within the last 30 days

Additional Items

Documentation

• 2 most recent pay stubs (within 30 days)
• Last two years W2s

For Benefits other than retirement or long-term disability

If managed/paid through Business need business returns To exclude mortgage payment from DTI we need proof of payment from business account

Cannot be used on the Subject property Unless 2-4 family or ADU