B3-3.4-11, Notes Receivable Income (03/04/2026)

The lender must obtain:

• a copy of the note to establish the amount and length of payment, and
• receipt of income for the most recent 12 months using sources including but not limited to:
  • bank statements,
  • canceled checks, or
  • evidence of other electronic receipt of payments.

• A minimum 12- month history is required.
• The payment history must demonstrate the stability of the income, as reflected in the receipt of full, regular, and timely payments.
• Payments on a note executed within the past 12 months, regardless of the duration, may not be used as stable income.