Loan Application

Question 1

Other sources of income that can be used to qualify a borrower are:

Answer 1

1. Full time and part jobs including second jobs
2. Social Security
3. Child support
4. Alimony
5. Investment/rental property income

Question 2

What should the calculation for “housing expenses” include?

Answer 2

1. Mortgage payment
2. Property taxes
3. Association or condo fees (HOA)
4. Mortgage Insurance
5. Homeowners/hazard insurance

Question 3

For self employed borrowers, what additional documentation may be requested from them to verify income?

Answer 3

1. last 2 years of tax returns
2. year to date profit and loss statement
3. balance sheets for past two years
4. Self employed income analysis