conventional purchase
Assets, Continued
Identification
Assets
Notes: If 401(k) Assets are to be used for Down Payment (or Reserves), collect from the Client Terms and Conditions of Withdraw, the Loan Note, copy of the proceeds check and Proof of Deposit into Checking along with a before and after the loan plan statement.
Gift Amount
W2 iNCOME
Notes: If Client has Access to Year End Paystubs from Previous Years, the breakdown by category of pay would be available there
SELF EMPLOYED
REO PRoperties
Notes: Directions on how to document income or loss included on 1038 form
Large Deposits
If aggregate total of all non-payroll deposits equal a total of more than 50% of monthly income, the total of amounts will need to be sourced or seasoned
Collections
Follow AUS requirements for collections and judgements
Student Loans
Use either 1% of balances or either the amount on bureau or the FNM Loan Calculator, whichever is higher