Provides information about how much income you’ll receive by converting your home into a rental property, or how much income is coming from another rental property.
You may be asked to provide this document to verify rental income used to qualify for a loan.
For a residence converted to a rental, you may be asked for:
- A copy of the fully executed lease/rental agreement
- A receipt showing the security deposit from the tenant and proof that the funds were deposited into your account
- Verification of 3 months’ receipt of rental income which could include copies of canceled checks, bank or property management statements, or proof of electronic payments
For other rental properties, you may be asked for:
- Your most recent complete personal tax return (IRS 1040), including Schedule E, for a property owned at least 12 months
- The current lease agreement(s) for property owned less than 12 months and not reflected on your most recently filed federal individual tax return
Tips for a smoother application process
- Make sure documents are clear and legible.
- Don't alter any pages (no strikethroughs, cross-outs, etc.).
- Send all pages, even the blank ones.
