How to Close on Time – Income


Income is  easy for a lender to document and it’s one of the biggest hurdles to overcome when qualifying for a loan.  Here are the documents needed:Finance

  1. Most recent two years of tax returns.  The lender will need all pages of both business and personal Federal tax returns
  2. Most recent two years of W-2s, 1099s etc
  3. Copy of most recent award letter (if there is pension or social security income)
  4. Most recent 30 days of paystubs
  5. Profit and loss statement through most recent quarter (if self-employed)

In order to close on time on a transaction, lenders need to receive these documents as early as possible.  Our recommendation is to provide income documentation – and all other documents required – within 24 to 48 hours of initial application.

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