Rental Property Lease Agreements

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Rental Property Lease Agreements Powered By Docstoc
					                                                     IMPORTANT: ONLY intended for the purposes of assisting with non-self employed income calculations.
                                                            Not intended to serve as the final disposition of the Underwriter's qualifying income.
                        Loan #:                                                                              Borrower:
                        ► Salaried - Paid Weekly (may require 2 yrs documentation depending on DU Feedback)

                                              $0.00                                        x 52 ÷ 12 =                       $0.00
                                           Gross Weekly                                                               Gross Monthly Average

Select & Complete One
                        ► Salaried - Bi-Weekly - Paid Every Two Weeks (may require 2 yrs documentation depending on DU Feedback)

                                               $0.00                                       x 26 ÷ 12 =                       $0.00
                                          Gross Bi-Weekly                                                             Gross Monthly Average
                        ► Salaried - Semi-Monthly - Paid Twice-a-Month (may require 2 yrs documentation depending on DU Feedback)

                                                                                           x 24 ÷ 12 =                       $0.00
                                       Gross Semi-Monthly                                                             Gross Monthly Average
                        ► Hourly Pay (may require 2 yrs documentation depending on DU Feedback)

                                                           (x)                   x 52 ÷ 12 =                                 $0.00
                           Hourly Pay Rate                  # of hr worked per week                                   Gross Monthly Average
                        ► Alimony, Child Support, Separate Maintenance

                                                                                             ÷3=                             $0.00
                        Total Court Ordered Past 3 Mos                                                                Gross Monthly Average

                        ► YTD & 1-2 Yrs: Military, Reserves, Employed by Family Member or Seller or R/E Broker
                        (1-2 Yrs Determined from DU Feedback)


                                                          (+)                                  (+)                           (÷)                         (=)          #DIV/0!
                            YTD Earnings                                  Past Yr                       Prev Yr (if appl)               # of Mos.                  Gross Mo. Avg.
                        ► YTD & 2 Yrs: Bonus, Commission, Overtime, Auto Allowance, Tips, Second Job, Seasonal
                        (If Bonus/Commission is consistent or increased, ÷ by 24+ mos. If decreased use most recent year, ÷ 12+ mos.)


                                                          (+)                                  (+)                           (÷)                         (=)          #DIV/0!
                            YTD Earnings                                  Past Yr                       Prev Yr (if appl)               # of Mos.                  Gross Mo. Avg.
Select & Complete




                        YTD Estimated-Unreimbursed                      IRS Form 2106-                    IRS Form 2106-
                            Business Expenses                            Unreimbursed                      Unreimbursed
                                                                       Business Expenses                 Business Expenses
                        ► 1 Yr: Retirement, Pension, Social Security (based on DU Feedback S/S may require 2 yrs)

                                                          (+)                                  (÷)                           (=)        #DIV/0!
                           IRS Form 1099                              Prev Yr (if appl)                    # of Mos.                 Gross Mo. Avg.
                        ► 1 Yr: Royalties, Tax Exempt, Retirement, Pension, Rental

                                                                                           ÷ 12 =                  $0.00
                                                Past Yr                                                     Gross Monthly Average
                        ► 2 Yrs: Dividend, Interest, Capital Gains, Public Assistance, Foster Care

                                                          (+)                                  ÷ 24 =                   $0.00
                                Past Yr                                   Prev Yr                                   Gross Mo. Avg.
                        ► Borrowers Paid Less than 12 Months-per-Year: (i.e. borrower is paid 10 mos. @ year, multiply by 10 and divide by 12)

                                                           (x)                                 (÷)                           (=)         #DIV/0!
                           Gross Mo. Avg.                             # Mos. Worked                     Number of Mos.             Adj. Gross Mo. Avg.

                        ► Rental Income when Subject Property is Owner Occupied 2-4 Units
                         ► If Subject acquired PRIOR to filing previous year's tax returns
                                                                                                                                                         NOTE: Do not add back
                                                                           (x)                                               (=)         $0.00           depreciation, interest, taxes and
                              Gross Rent Schedule E                                         75%                                                          insurance. Do not deduct new PITI.

                        ► Rental Income when Subject Property is Owner Occupied 2-4 Units
                         ► If Purchase Transaction OR Subject acquired AFTER filing previous year's tax returns

                                                                           (x)                                               (=)         $0.00           NOTE: Do not deduct new PITI.
                        Lower of Gross Rents from Form 216 or Lease                         75%
                                        Agreements
                        ► Rental Income when Subject Property is Investment 1-4 Units
                         ► If Subject acquired PRIOR to filing previous year's tax returns
                                                                                                                                                         NOTE: Add back depreciation,
                                                                           (x)                                               (=)         $0.00           interest, taxes and insurance AND
                               Net Rent Schedule E                                          75%                                                          deduct new PITI.
Rental Income




                        ► Rental Income when Subject Property is Investment 1-4 Units
                         ► If Purchase Transaction OR Subject acquired AFTER filing previous year's tax returns

                                                                           (x)                                               (=)         $0.00           NOTE: Deduct new PITI.
                        Lower of Gross Rents from Form 216 or Lease                         75%
                                        Agreements
                        ► Rental Income from OTHER Property Owned (NOT the Subject Property) (whether Primary 2-4 Units or NOO)
                         ► If Subject acquired PRIOR to filing previous year's tax returns
                                                                                                                                                         NOTE: Add back depreciation,
                                                                           (x)                                               (=)         $0.00           interest, taxes and insurance AND
                               Net Rent Schedule E                                          75%                                                          deduct new PITI.

                        ► Rental Income from OTHER Property Owned (NOT the Subject Property)
                         ► If Purchase Transaction OR Subject acquired AFTER filing previous year's tax returns
                                                                                                                                                         NOTE: Deduct new PITI unless the
                                                                           (x)                                               (=)         $0.00           'other' property is the borrower's
                        Lower of Gross Rents from Form 216 or Lease                         75%                                                          primary residence 2-4 unit.
                                        Agreements
                        ► Rental Income when Previous Primary Home CONVERTED to Investment Property

                                                                           (x)                                               (=)         $0.00           NOTE: Deduct new PITI.
                          Gross Rents from Lease Agreements                                 75%
                        Additional Information:

				
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