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IRS Form 4506-C is a tool that people, who are allowed to use IRS Income Verification Express Service (IVES), can use to get tax transcripts electronically. This is only allowed if the taxpayer gives their permission. If a lender is using a borrower’s income to qualify them for a loan…
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This part discusses money earned from a second job, multiple jobs, or work that changes with the seasons. It covers three main parts: how to show proof of this income, how to confirm income from a second job or multiple jobs, and how to confirm seasonal income. To prove income…
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This section talks about how to confirm a person’s commission income. When someone’s income comes from commissions, there are specific rules to confirm it. The best scenario is when the person has been earning commission income for at least two years. But, it’s not a hard rule. If someone has…
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The first point we’ll discuss is how to verify your base pay, bonus, and overtime income. When you apply for a mortgage, it’s recommended that you have at least two years of employment income. But don’t worry if you don’t meet this recommendation. Your income can still be considered acceptable…
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When you apply for a loan, your lender needs to check your employment income. This income check is important because it helps the lender decide if you can afford the loan. There are three ways your lender can check your income. You can provide the information yourself, your employer can…
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When it comes to getting a mortgage loan, your income plays a major role. Fannie Mae’s rule book has some guidelines on income and its sources. Let’s break it down. First, mortgage lenders like to see stable, regular income that’s likely to keep coming in. Even if you change jobs…