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.