HELP! Monthly Household Income:

This section is designed to give the lender an overview of your total financial situation.  Please fill out the income fields as best you can in the Borrower and Co-Borrower columns.  Below you will find a brief description of each individual category to help you.  If you're not sure of the exact amounts to enter, make an estimate by taking an average over the past two years, and enter the amount.  Fill in only the fields that pertain to your situation and leave the rest of the fields blank.


 
Base Employment 
Income: 
This is your monthly gross earnings.  Enter the amount of money you make in a 30 day period.  It may be wages or salaried income from your job.  If your base income amount is irregular, divide your yearly total by 12 months and enter the total.  Self Employed Borrower(s) may be required to provide additional documentation such as tax returns and financial statements.
 
Overtime:  Enter any overtime pay you receive on a regular basis.  Take an average if it changes each month.
 
Bonuses:  Enter any bonuses you receive on an average per month and enter the total.
 
Commissions:  Commissions will need to be backed up with 1099 forms to show proof of income.  The lender will ask your employer to verify this income with a verification of employment (VOE) unless you are applying for a no income verification loan (NIV).  Figure your total gross income from your 1099 form and divide by 12 months and enter the total.
 
Dividends/Interest:  Any dividend or interest income you wish to be considered for the purposes of this application needs to be entered in this field.  This can be income from any investments (such as stocks, bonds, loans, savings, etc. that are received on a monthly basis) that you earn dividends or interest on.  Enter the average monthly income from these sources in the fields provided
 
Net Rental Income:  To calculate your Net Rental Income, take the total amount you receive from your rental property and subtract any monthly principal and interest mortgage payments, taxes, insurance and maintenance costs you spend on the rental property.  What is left over is your positive cash flow or Net Rental Income from this property.  Enter this figure in the field(s) provided.
 
Other Income: This is where you would enter Retirement, Social Security, Child support, Alimony or Separate Maintenance income.  NOTICE: The Borrower and Co-Borrower do not need to reveal this information if they don't want it to be considered for repaying this loan.
 
Total Household 
Income: 
The figures in this section will be automatically totaled for you.  You may move on to the next section.
 

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