FHA Refi Sub to Processing

FHA Refi

Identification

Government Picture ID

Permanent Resident (Green Card, Front and Back)

Non-Permanent Resident (must have SSN not ITIN)

4000.1

Assets

Bank Statements (2 months)

SELF EMPLOYED

NA

2 years personal taxes (all schedules)

2 years of business taxes (all schedules)

K-1's

YTD P& L and Balance Sheet

K-1's

If used as Assets, 6 months of Bank Statements

Self Employed Income

Calculator

Institution, Account #, Name

All Pages (even blanks)

Large Deposits SourcedDeposits LOX (see notes)

NA

NSF Fees on StatementGeneral LOX

NA

Other Party on accounts?Joint Access

NA

Retirement accounts accessed?

NA

W2 iNCOME

NA

Type of Pay

Hourly

Salary

REO PRoperties

NA

Number owned

No more than 3

1038

Calculator

Notes: Directions on how to document income or loss included on 1038 form

30 Days of Paystubs

2 years of W2's

Simple Income Calculator

Link

Additional Pay Categories

OT

Bonus

Commissions

NA

Full VOE Calculator

Link

Notes: If Client has Access to Year End Paystubs from Previous Years, the breakdown by category of pay would be available there

Large Deposits

If aggregate total of all non-payroll deposits equal a total of more than 1% of the loan amount, the total of amounts will need to be sourced or seasoned

Collections

Non-Medical Collections more than 2k need payment plan with 3 months of payment history OR 5% of balance added to DTI Calculations

Student Loans

Always use a minimum of 1% of the balance of all student debt as the monthly payment

Confirm Coverage and MI Factor

Confirm HOI Premium

Confirm HOA Fees

Confirm AUS required Reserves

Lock Locked

NA

Re-Run DU to confirm Results

Notes to Processor