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.
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Overtime: | Enter
any overtime pay you receive on a regular basis. Take an average
if it changes each month.
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Bonuses: | Enter
any bonuses you receive on an average per month and enter the total.
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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.
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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
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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.
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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.
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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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Please close this window to continue.