What Documents to Submit for Accurate Mortgage Income Calculation

The better the documentation, the faster and more accurate your results — and the fewer underwriting conditions later. Use the checklists below for each income type supported by Rapidio’s AI income analysis and document classification.

🏢 W-2 Wage Earner — Base Income

• Most recent 30 days of pay stubs (cover at least 30 days)
• Most recent W-2 (past year; two years if your guideline requires)
• Verification of Employment (written or third-party)
• Employment offer/contract with start date and rate (if new employment)

⏳ W-2 Wage Earner — Variable (Bonuses, Overtime, Commission)

• Two End-of-Year pay stubs + most recent YTD pay stub (with itemized OT/bonus/commission)
• Written VOE showing variable income breakdown (especially common for healthcare shift differentials)
• Employment contract or comp plan if applicable
• Any employer compensation statements

💼 Schedule C / 1099 (Sole Proprietors & Independent Contractors)

• Two years personal tax returns (1040) with complete Schedule C
• 1099s that align to the business activity (if applicable)
• Year-to-date P&L (often requested at underwriting stage)
• Optional but helpful: 2–3 months bank statements to evidence receipt trends

🏢 1120-S (S-Corporation)

• Two years personal returns (1040)
• Two years business returns (1120-S) with all K-1s
• YTD P&L (commonly requested at underwriting)
• W-2s or 1125-E for any owner wages/comp (if applicable)

🤝 1065 (Partnership)

• Two years personal returns (1040)
• Two years partnership returns (1065) with K-1s
• YTD P&L (commonly requested at underwriting)
• W-2s or 1125-E for partner comp (if applicable)

🏢 1120 (C-Corporation)

• Two years personal returns (1040)
• Two years corporate returns (1120)
• YTD P&L for the corporation (commonly requested at underwriting)
• W-2s or 1125-E for owner/exec comp (if applicable)

🏠 Rental Income (Schedule E)

• Two years tax returns with full Schedule E
• Current signed lease agreements for each property
• HOA/association statements or amortization schedules (if applicable)
• Optional but helpful: Rent ledger or proof of receipt

🎓 Retirement & Investment Income

🎖️ VA Disability Income

• VA Disability Award Letter or 1099
• Recent Certificate of Eligibility (COE) showing disability amount
• Helpful: Proof of receipt (bank statements)

📎 Optional: Alimony / Child Support

Borrower choice: Only provide this documentation if the borrower chooses to use it to qualify.

• Divorce decree or support agreement (signed)
• Proof of receipt per guideline (e.g., 6–12 months bank statements)
• Evidence of continuance per guideline

💡 Pro Tips & Upload Standards

• Combine by document type (e.g., all pay stubs in one PDF). Our Document AI will still classify correctly.
• Ensure legibility: avoid photos with glare; use scans or clean exports.
• Include prior years where program requires (e.g., variable/self-employed).
• Select the correct guideline (Fannie Mae, Freddie Mac, FHA, VA, or overlays) before submission so Rapidio applies the right math.
• Review Smart Conditions to clear easy items up front and avoid suspense.