Standard Fully Verified Income & Employment
For borrowers with traditional employment and fully documented income, the mortgage process follows a standard income verification approach. Most commonly, these individuals receive a W-2 from their employer and earn income through a base salary, commissions, bonuses, and/or overtime. To verify income, lenders require supporting documentation, which may include:
- W-2 Forms (Most recent one to two years)
- Tax Returns (If self-employed or earning additional income)
- 1099 Forms (For independent contractors or freelance income)
- Most Recent Pay Stubs (To confirm current earnings and employment status)
While this is not an exhaustive list, these documents serve as the foundation for validating the income reported on your loan application. Every lender requires proof of income to ensure borrowers can meet their loan obligations. However, certain alternative documentation programs may offer flexibility for those who do not meet standard verification requirements.
