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 are currently picking up off duty shifts to supplement their income. More often than not the are working numerous shifts off duty at events, malls, department stores, ect. In this post I will be addressing the stipulations behind using 2nd job income.
For Police Officers wanting to fully document their income, the mortgage company uses the Officers income from their primary job in the form of a W2 and most recent paystub. For the off duty work, the Police Officer must have a 2 year history of off duty income and then that income is averaged over those two years. This is the only time off duty income can be used.
Documentation Options
-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs W2's. Second is using business or personal bank statements along with an asset statement.
-No Income Documentation: The 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.
Nick Porter
541-231-3040 Cell
480-305-8900 Ext: 302
nick@cffinfo.com
www.LawEnforcement1st.com
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