Standard Fully Verified Income & Employment
The most standard type of individual looking for a home loan has fully documented income & employment and typically receive a W2 from their current employer at the end of each year. The income can be a combination of a base salary, commissions, bonus, and/or overtime and can be typically documented using any or a combination of the documents below:
- W2 (most recent one to two years)
- Tax Returns
- 1099
- Most Recent Paystub(s)
While this is not an exhaustive list, it is a good starting point on setting the right expectations on what you might be required to provide should you be deciding that you want or need to fully document and prove the income amount that you entered on your loan application. All lenders will require you to provide supporting documentation proving that you make the type of income that you indicated on your application. Only in some of our alternative documentation programs, is this possibly not the case.
Do you or someone you know fit this criteria? Use our simple prequal tool to find what programs we have available.
