CheckMyNPV.com Income Worksheet Keep in mind that all income is subject to verification by your mortgage servicer through documentation and tax returns. If more than one borrower is listed on the mortgage, income from all co‐borrowers must be included (even if they do not live in the residence). Types of Income to Include in your Monthly Gross Income o
Employment Income: Income from full or part‐time jobs. o Wage/Salary Income: Use the gross monthly income – before taxes and benefits are subtracted. o Other Earned Income: This includes recurring bonus, commission, fees, housing allowances, tips, overtime, and others. Fluctuating recent income can be averaged. Educational grants or loans may not be included. o
Self‐Employment Income: Net profit plus any salary or draws paid. Net profit does not include non‐recurring income, expenses, depreciation and depletion that may be found on tax returns. o
Government Benefit Income: Includes social security, disability (SSDI), survivor benefits, public assistance (welfare), adoption assistance, and supplemental nutrition assistance (food stamps). o
Rental Income:  Do NOT include:  Rental income from a rental property currently under evaluation.  Rental income from a vacant property.  Include:  75% of the monthly gross rental income you receive from renting out a part of your principal residence.  75% of the rental income you receive from rental properties other than your principal residence, less monthly debt‐related service on the property (principal, interest, taxes, insurance, mortgage insurance and association fees). If the rental property is under evaluation DO NOT include the rental income received. Example: Rental property with monthly rent of $1,000 and monthly principal, interest, taxes, and insurance of $523 provides a net rental income of ($1,000 x 0.75) ‐ $523 = $227. Note: If the result of the above calculation is a negative value, use $0 for Rental Income. o
Other: Non‐wage income including investment interest/dividends, royalties, annuities, pensions and retirement plans. o
Alimony, Separation, and Child Support Income: Borrowers are not required to use income from these sources to apply for HAMP. o
Unemployment: Benefits from state unemployment payments, severance payments, etc. may not be used for HAMP qualification. This information is provided subject to, and may only be used in compliance with, the Terms of Use
and other requirements, policies and disclaimers contained on CheckMyNPV.com
o
Income from Non‐Borrowers Living in the Household: Income from persons living in the house who contribute to the mortgage payments, but are not named on the original mortgage. Only the income relied upon to support your mortgage payment should be included. Examples include a non‐borrower spouse, parent, child, or non‐relative. How to calculate monthly gross income o
Monthly Income: All income listed should be converted to a monthly basis. To convert income to a monthly basis, use the following guidelines: o
If income is received weekly, multiply it by 52 and divide by 12. For example, $500 a week = ($500 x 52) / 12 = $2167 a monthly gross income o
If income is received bi‐weekly, multiply by 26 and divide by 12. For example $1000 every two weeks = ($1000 x 26) / 12 = $2167 monthly gross income o
If income is received twice a month, multiply by 2. For example $1000 twice a month = $1000 x 2 = $2000 monthly gross income o
If income is received yearly, divide by 12. For example, $24,000 a year = $24,000 / 12 = $2,000 monthly gross income o
Gross Income: Servicers assume all income listed is taxable. If any income is non‐taxable, then it should be multiplied by 125% to approximate an equivalent gross income amount. For example, if a paystub only provides net income with taxes and benefits already deducted, then multiply the net income by 125% to approximate an equivalent gross income amount. If income is a non‐taxable benefit, such as social security, then multiply the income by 125% to approximate an equivalent gross income amount. o
Currently Recurring Income: All income must be reasonably expected to continue at the level stated. Recent changes in on‐going income level should be considered when stating your income. Consistent, but sporadic, part‐time or seasonal income can be averaged over the year. One‐time or non‐recurring income may not be used. Use the following worksheet to compile the monthly income for each of the contributors to your monthly mortgage payment. Additional worksheets can be used if needed. Multiple rows are provided for you in case there are several sources from which you obtain income, within the same type of income. This information is provided subject to, and may only be used in compliance with, the Terms of Use
and other requirements, policies and disclaimers contained on CheckMyNPV.com
Borrower Gross Monthly Income
Type
Source
Employment
Wages/Salary
Other Earnings
Amount
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Co-Borrower Gross Monthly Income
Type
Source
Amount
Employment
$0.00
Wages/Salary
$0.00
Other Earnings
$0.00
$0.00
$0.00
$0.00
Self Employment
$0.00
$0.00
Government Benefits
Social Security
$0.00
Pension
$0.00
Disability
$0.00
Survivor Benefits
$0.00
Public Assistance
$0.00
$0.00
$0.00
Rental Income
$0.00
$0.00
Other
$0.00
$0.00
$0.00
Gross Income
$0.00
Non-Borrower #1 Supporting Income
Type
Source
Amount
Employment
$0.00
Wages/Salary
$0.00
Other Earnings
$0.00
$0.00
$0.00
$0.00
Self Employment
$0.00
$0.00
Government Benefits Social Security
$0.00
Pension
$0.00
Disability
$0.00
Survivor Benefits
$0.00
Public Assistance
$0.00
$0.00
$0.00
Rental Income
$0.00
$0.00
Other
$0.00
$0.00
$0.00
Gross Income
$0.00
Non-Borrower #2 Supporting Income
Type
Source
Amount
Employment
$0.00
Wages/Salary
$0.00
Other Earnings
$0.00
$0.00
$0.00
$0.00
Self Employment
$0.00
$0.00
Government Benefits
Social Security
$0.00
Pension
$0.00
Disability
$0.00
Survivor Benefits
$0.00
Public Assistance
$0.00
$0.00
$0.00
Rental Income
$0.00
$0.00
Other
$0.00
$0.00
$0.00
Gross Income
$0.00
Self Employment
Government Benefits
Rental Income
Other
Gross Income
Social Security
Pension
Disability
Survivor Benefits
Public Assistance
Total Gross Income
This information is provided subject to, and may only be used in compliance with, the Terms of Use
and other requirements, policies and disclaimers contained on CheckMyNPV.com
$0.00