There are many forms of income documentation that can
be acceptable to use for obtaining a mortgage, however, it depends on
which lender and what type of mortgage program you are trying to obtain
mortgage financing on. The standards range from full documentation to no
documentation and will vary between lenders.
Below is a list of documentation based on the general types of income
earned.
- Wage, Salary, Tips:
- Name and address of employers) covering a complete 2
year time period.
- 2 (or more) Pay Stubs documenting the most recent month.
- W-2 forms for the past two years.
- A written explanation of any employment gaps or changes
in line of work.
- Self-Employed, Rental Income:
- Complete personal and business - all Schedules - signed
Federal Income Tax Returns for the past 2 (two) years.
- Year-to-date Profit and Loss Statement and Balance
Sheet.
- Lease Agreements for all rental properties.
- Social Security, Disability, Retirement or Pension:
- Awards Letter or Benefits Statement proving continuation
for the next 3 (three) years.
- Most recent bank statement of the account that award or
benefit is deposited in.
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