Documentation

Allowed Income Sources:

1. Traditional Employment (W2 employee)
2. Independent Contractor
3. Self-Employed
4. Social Security / VA Disability
5. Child Support / Alimony
6. Annuity / Retirement / Pension
7. Bank Statements (for cash coverage or self-employed)
8. Other (case-by-case basis)

The household’s income will be verified digitally with Plaid or other sources, for all households regardless of score.

If there is a material discrepancy in the income stated in the application and the income provided in the pulled report, then Pathway Homes will request additional income and employment documentation to verify the Applicant’s stated income sources. Pathway will verify the income and employment by reviewing the following acceptable income documents.

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Documents that may be requested to verify allowed income sources:

Traditional Employment (W2 Employee)

1. 2 or more most recent pay stubs (most recent must be within 30 days and demonstrating 30 days of income as a minimum);
2. If working remotely and applying for a home in a state that is different than the employer and remote work is not specified on the pay statement, Remote Authorization letter that is counter-signed on the company’s letter head with contact information
3. Offer letter that is counter-signed and contains their hiring company’s letter head and contact information (if the applicant is a new employee, we will need the first paystub with the offer letter); or
4. Transfer letter that is counter-signed on the transferring company’s letterhead with contact details along with 1st paystub.

Independent Contractor

1. 2 Most recent bank, Paypal or Venmo Statement.
2. Signed and dated most recent year’s annual filed tax return with all pages and schedules

Self-Employed

1. 2 Most recent bank, Paypal or Venmo Statement;
2. 2 Most recent business bank statements;
3. Proof of ownership of business (Permit, LLC, DBA papers);
4. Signed and dated most recent year’s annual filed tax return with all pages and schedules. (if it is a partnership, Schedule K1 with all pages)
5. Signed and dated Profit and Loss Statement covering the previous year if tax return has not been filed;(this will need to be provided before the April deadline or if there is a filed extension for the previous year’s return which will also need to be provided if applicable)
6. Signed and dated Year-to-date Profit and Loss Statement

Social Security/VA Disability

1. Most recent award letter within the current year; or
2. Most recent benefit statement within the current year; or
3. 2 most recent bank, Paypal, or Venmo Statements.

Child Support / Alimony

1. Court documents awarding support; AND
2. 2 Most recent bank, Paypal or Venmo Statement

Annuity / Retirement / Pension

1. Most recent benefits statement or most recent award letter; AND
2. 2 Most recent bank, Paypal or Venmo Statements.

Bank Statements

Bank accounts must be held in the Applicant’s name. Statements must show an adequate ending balance for cash reserve coverage or evidence of income received if used to supplement income verification.

Proof of Payment History/Lookback

1. Traditionally employees must provide proof of payment within the last 30 days.
2. Independent contractors must provide most recent pay stub or pay invoice within the last 30 days, or 3 months of most recent pay invoices or bank statements.
3. Self-employed Applicants must provide 3 most recent months of bank statements.