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 years.
• 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.
• Continue 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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