W2
We use this box on the w2 for income.
What is box 1?
This schedule shows farming income.
What is schedule F?
Document required for every business listed on the schedule E.
What is k-1?
a borrower provided document that lists all assets and liabilities
What is a balance sheet?
Min docs required for SLP loan
What is balance sheet & purchase agreement/tax card?
W2 income shows on this line of the tax return
What is line 1?
Schedule C income is found here on the tax return.
What is the schedule 1?
Other income shown on schedule E
What is rental properties?
Preapproval questionaire is required for this type of loan.
What is construction?
What is a divorce decree or child support order?
These years tax returns are required if a 2023 extension has been filed.
The borrower has this much income on schedule C, therefore 2 years of tax returns are required.
What is more than $20,000?
Schedule 1 income is shown on this line of the tax return.
What is line 10?
Additional document required if borrower receives retirement income such as SSI or pension.
What is an award letter?
most commonly missed document in incomplete packages.
what is a balance sheet?
# of years required if borrower is strictly a w2 wage earner.
What is 1?
This schedule shows larger businesses owned by the borrower.
What is schedule E?
Ownership % that requires additional documentation.
What is 25%?
You will find 401k deductions on this document.
What is a paystub?
This is required when a borrower has been with their employer less than one year.
What is a VOE?