Frequently Asked Questions

How will rental income be verified?

If you own rental properties, we’ll generally ask for the most recent year’s federal tax return to verify your rental income. We’ll review the Schedule E of the tax return to calculate your rental income, this is how we determine the monthly rent income:

(Net Income + Depreciation + Mortgage Interest + Taxes + Insurance + HOA Dues) / 12

If you haven’t owned the rental property for a complete tax year, we’ll ask for a copy of any leases you’ve executed and we’ll use 75% of that lease as income on the new property.

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