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
Additional paystubs may be required. Can use W2s from previous employer while with Union
We need a VOE or Union contract to verify coverage and income differential.
Union Workers
ADDITIONAL Income
Seasonal Income
Secondary Income
Requires 3 year continuance
VA Benefits
Social Security
Child Support
Allimony
rental income
- 2 years tax returns
- Mortgage Statements
- Property tax bill for property
self employed
Corporation
Partnership
Sole Prop
Reported on Schedule E
Reported on Schedule E
Usually reported on Schedule C
+info
+info
+info
Need 2 years personal tax returns. 1099 income may be reported here i.e. Realtors Rare occasions W2's are applicable
Need 2 years personal tax returns K1 Statements and/or W2s
Need 2 years personal tax returns K1 statements and/or W2s
Questions?
Questions?
+info
+info
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
Documentation
- 2 most recent pay stubs (within 30 days)
- Last two years W2s
Additional Items
- VOE dated within the last 30 days
For Benefits other than retirement or long-term disability
Cannot be used on the Subject property Unless 2-4 family or ADU
If managed/paid through Business need business returns To exclude mortgage payment from DTI we need proof of payment from business account
Income Training
Kristie Uphoff
Created on October 7, 2024
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Transcript
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
Additional paystubs may be required. Can use W2s from previous employer while with Union
We need a VOE or Union contract to verify coverage and income differential.
Union Workers
ADDITIONAL Income
Seasonal Income
Secondary Income
Requires 3 year continuance
VA Benefits
Social Security
Child Support
Allimony
rental income
self employed
Corporation
Partnership
Sole Prop
Reported on Schedule E
Reported on Schedule E
Usually reported on Schedule C
+info
+info
+info
Need 2 years personal tax returns. 1099 income may be reported here i.e. Realtors Rare occasions W2's are applicable
Need 2 years personal tax returns K1 Statements and/or W2s
Need 2 years personal tax returns K1 statements and/or W2s
Questions?
Questions?
+info
+info
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
Documentation
Additional Items
For Benefits other than retirement or long-term disability
Cannot be used on the Subject property Unless 2-4 family or ADU
If managed/paid through Business need business returns To exclude mortgage payment from DTI we need proof of payment from business account