A customer may be requested to provide a document stating the terms of a lease agreement in transactions in which a departure residence is being converted into a rental property, or when rental income from a property other than the one being bought is used to qualify for a loan.
For departure residences, the following documents may be requested:
- A copy of the fully executed lease/rental agreement
- Receipt of a security deposit from the tenant and verification of the deposit into the customer’s account
- Three months of cancelled checks or bank statements verifying receipt of rental income
For rental properties, the following may be requested:
- For a property owned for at least 12 months, the most recent complete personal tax return (1040) including Schedule E
- For a property owned less than 12 months and not reflected on the most recent, filed federal individual tax returns, the current lease agreement(s)
Avoid delays in processing your loan
For all documents:
- Make sure the copies you send are legible.
- Do not include documents that have been altered with correction fluid or by other means.
- Submit the entire requested document and include all pages (even blank ones).
