When a Police Officer is getting ready to qualify for a mortgage the first decision they will face is how to document their income. A few things come into play here including whether they only work for the city or pick up off duty jobs. I will be addressing off duty income in this posting.
For Police Officers wanting to fully document their income, the mortgage company uses the Officers gross income reported on the past years W2 averages with their current paystub.
Documentation Options
-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs tax returns. Second is using business or personal bank statements along with an asset statement.
-No Income Documentation: The Police Officer can state their income and prove assets or state income and state the assets.
Police Officers are busy, time is limited and a valuable resource. When it comes down to it, the time vs. reward of digging up financials may not be worth it. Lenders now offer Stated income loans at the same rate as full documentation loans with the right credit profile and loan to value ratio in their home.
Nick Porter
480-305-8900 Ext: 302
nporter@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
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