Interest and Dividends Income
The following table provides verification requirements for interest and dividends income:
|✓||Verification of Income From Interest and Dividends|
|Verify the borrower’s ownership of the assets on which the interest or dividend income was earned. Documentation of asset ownership must be in compliance with the Allowable Age of Credit Documents policy (see B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, for additional information).|
|Document a two-year history of the income, as verified by
|Develop an average of the income received for the most recent two years. Refer to the Variable Income section of B3-3.1-01, General Income Information, for additional information.|
|Subtract any assets used for down payment or closing costs from the borrower’s total assets before calculating expected future interest or dividend income.|
For additional information, see B3-3.1-09, Other Sources of Income.