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Additional documents needed to determine eligibility |
The following documentation must be included to determine eligibility:
- Financial Analysis Form (no notary required) – 2 pages
- The enclosed Financial Hardship Affidavit completed and signed by all borrowers (no notary required) – 3 pages,
- A signed and dated copy of the IRS Form 4506-T (Request for Transcript of Tax Return) for each borrower (borrowers who filed their tax returns jointly may send in one IRS Form 4506-T signed and dated by both the joint filers) – 2 pages, and
- Documentation to verify all of the income of each borrower (including any alimony or child support that you choose to rely upon to qualify). This documentation should include:
For each borrower who is paid by an employer:
- Copy of the most recent filed federal tax return with all schedules required by the IRS at the time you filed your return; and
- Copy of the two most recent pay stubs or other proof of income from your employer including the frequency in which you get paid (example: monthly, bi-weekly, or weekly).
- To utilize commissions and/or overtime listed on pay stubs, a letter from your employer stating that commissions and/or overtime will continue must be included.
For each borrower who is self-employed:
- Copy of the most recent filed federal tax return with all schedules required by the IRS at the time you filed your return, and
- Copy of the most recent quarterly or year-to-date profit/loss statement.
For each borrower who has income such as Social Security, disability or death benefits, or pension:
- Copy of most recent federal tax return with all schedules and W-2 or copies of two most recent bank statements.
- Copy of benefits statement or letter from the provider that states the amount, frequency and duration of the benefit. Such benefit must continue for at least 3 years to be considered qualifying income under this program.
For each borrower who has income such as public assistance, or unemployment:
- Copy of most recent federal tax return with all schedules and W-2 or copies of two most recent bank statements.
- Copy of benefits statement or letter from the provider that states the amount, frequency and duration of the benefit. Such benefit must continue for at least 9 months to be considered qualifying income under this program.
For each borrower who is relying on alimony or child support as qualifying income:
- Copy of divorce decree, separation agreement or other written agreement or decree that states the amount of alimony or child support and period of time over which it will be received. Payments must continue for at least 3 years to be considered qualifying income under this program.
- Proof of full, regular and timely payments; for example, deposit slips, bank statements, court verification or filed federal tax return with all schedules.
For each borrower who has rental income:
- Copies of most recent two years filed federal tax returns with all schedules, including Schedule E-Supplement Income and Loss.
- Rental income for qualifying purposes will be 75% of the gross rent.
Additional items required if you are requesting a sale of your property:
- Copy of listing agreement
- Copy of the sales contract
- Signed “third party authorization” form
NOTICE TO APPLICANTS
Be advised that you are signing these documents under penalty of perjury. Any misstatement of material fact made in the completion of these documents including but not limited to misstatement regarding your occupancy in your home, hardship circumstances, and/or income may subject you to potential criminal investigation and prosecution for the following crimes: perjury, false statements, mail fraud, and wire fraud.
The information contained in these documents is subject to examination and verification. Any potential misrepresentation may be referred to the appropriate law enforcement authority for investigation and prosecution.
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