Documentation Requirements for Current Receipt of Income
Documentation of the borrower's income from sources other than wages and salaries must support the history of receipt, if applicable, and the amount, frequency, and duration of the income. In addition, evidence of current receipt of the income must be obtained in compliance with the Allowable Age of Credit Documents policy, unless specifically excluded below. See B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, for additional information.
Current receipt may be documented by various means, depending on the income type. Examples include but are not limited to
- current paystubs,
- bank statements confirming direct deposit,
- canceled checks from the payer’s account to the borrower,
- court records, or
- copies of the borrower’s bank statements showing the regular deposit of these funds.
Refer to B3-3.1-09, Other Sources of Income for additional information.