Typically, income from a second job will be considered if a one-year history of secondary employment can be verified.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets which generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

If you own rental properties, we will generally ask for the most recent year's federal tax return to verify your rental income. We will review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it will not be counted against your rental income.

If you have not owned the rental property for a complete tax year, we will ask for a copy of any executed leases and estimate the expenses of ownership.

Generally, only income reported on your tax return can be considered when applying for a mortgage, unless the income is legally tax-free and is not required to be reported.

Some lenders may offer a stated income program, which means you can be qualified for a loan based on the income you state rather than that which can be verified. Usually these programs require larger down payments and offer substantially higher interest rates than regular mortgage rates. We do not offer stated income programs at this time.

We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you do not have an award letter, we can contact the source of this income directly for verification.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We will usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

We will review and average the net income from self-employment reported on your tax returns to determine the income which can be used to qualify. We will not be able to consider any income which has not been reported as such on your tax returns. Typically, we will need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable.

We take full advantage of an automated underwriting system which allows us to request as little information as possible to verify the data you provided during your loan application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses the comparison to determine the level of verification needed.

Yes, you can borrow funds to use as your down payment, however, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.