I questioned what the man’s income was as a result of he made such a big deal out of how much cash he made last yr.
If the Schedule K-1 does not replicate a documented, stable historical past of receiving cash distributions of income from the enterprise per the level of business income being used to qualify, then the lender should confirm the business has adequate liquidity to support the withdrawal of earnings. The lender may use discretion in the methodology used to substantiate the business has sufficient liquidity. Tip income have to be entered in DU in the Other Monthly Income part of the mortgage software as Other Types of Income” and verified in line with these requirements.
Obtain documentation of the boarder’s historical past of shared residency (resembling a replica of a driver’s license, payments, financial institution statements, or W-2 forms) that exhibits the boarder’s address as being … Read more