Notes Receivable Income
The following table provides verification requirements for notes receivable income.
| ✓ | Verification of Income From Notes Receivable |
|---|---|
| Verify that the income can be expected to continue for a minimum of three years from the date of the mortgage application. | |
| Obtain a copy of the note to establish the amount and length of payment. | |
| Document regular receipt of income for the most recent 12 months.
Payments on a note executed within the past 12 months, regardless of the duration, may not be used as stable income. |
For additional information, see B3-3.1-09, Other Sources of Income.