There will be specific
income information needed in order to process your mortgage loan with
a mortgage lender. You will need to provide your lender with the following:
W-2s for the last two years.
Signed tax returns for the last two reporting years (business and personal).
Pay stub(s) for the last 30 days.
Complete names and addresses of all employers for the last two consecutive
years (including dates of employment and gross monthly income).
Bonuses can be counted if the buyer has received it for the past two
Overtime can be listed as part of your income if the buyer's employer
will guarantee that it will continue.
Social Security and disability payments. A copy of the award letter
must be provided along with a recent check stub or copy of a bank statement
if deposited electronically.
Pension income can be listed as part of your income. You will need to
provide a check stub and any forms showing duration of payments.
Rental property income. This information can be provided in income tax
returns for the past two years verifying rental income. The applicant
should provide leases.
Child support. You will need to show proof of receipt, through a printout
from the courts or 12 months of canceled checks. (Payments must have
been received for at least 12 months on time and must be scheduled to
continue at minimum of 36 months to count as income.
Alimony. You will need to provide a copy of your divorce or legal separation
documents, which documents alimony to be received. You will also need
to show proof of receipt, through a printout from the courts, 12 months
of canceled checks or tax returns.
* Side Note: you do not have to disclose child support or alimony income
unless you want it considered as a basis for repaying the loan.
reading the next section will have a detailed list of "Asset
Documentation" information that you will need in order
to prepared for a California Mortgage Loan!
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