Assets, Continued
Gift Amount
REO PRoperties
Notes: Directions on how to document income or loss included on 1038 form
W2 iNCOME
Self Employed
Notes: If Client has Access to Year End Paystubs from Previous Years, the breakdown by category of pay would be available there
Other Income
***NOTES***
Collections and Charge offs
Follow AUS Findings for SFR; O/O not required to be paid off. 2+ units, Second Homes and NOO see guidelines
Collections Balance
Definition of Large Deposit
If aggregate total of ALL Non-Payroll deposits equals more than 50% of monthly income, the total of all random bank deposits must be sourced or will be subtracted from available balance.
401(K) Assets used for Transaction
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.
Student Loan Payments
For Conventional Loans, the amount showing on the bureau can be used with a IDR Letter to support payment. If in deferment or reporting a zero payment must obtain IDR Letter, use 1% factor OR calculate payment using calculator attached.