Rental income

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Rental income is used to evaluate a borrower's financial stability and is typically derived from documented property leases or tax filings. The supported pay types for the rental income are Investement, and Principal.

To learn more about the income calculations, see income calculations API reference page.

Investement

Investment rental income is the net income earned from renting out investment properties, after deducting expenses.

Captured fields

Field name	Title	Data type	Description
`months`	`Enter the number of months the property was in service (Step 1 Result)`	`string`	The duration during which the property was active or in service.
`total_rent`	`Enter total rents received (Line 3)`	`string`	Total rental income received.
`tax_expense`	`Enter tax expense (Line 16)`	`string`	Property tax expense.
`depreciation`	`Enter depreciation expense or depletion (Line 18)`	`string`	Depreciation or depletion deduction.
`total_expense`	`Enter total expenses (Line 20)`	`string`	Sum of all property-related expenses.
`association_dues`	`Enter homeowners' association dues. This expense must be specifically identified on Schedule E in order to add it back. (Line 19)`	`string`	Homeowners' Association (HOA) dues that are eligible for adjustment.
`proposed_pitia2a`	`Enter proposed PITIA (for subject property) or existing PITIA (for non-subject property)`	`string`	Principal, Interest, Taxes, Insurance, and Association dues (PITIA).
`insurance_expense`	`Enter insurance expense (Line 9)`	`string`	Insurance costs for the property.
`mortgage_interest`	`Enter mortgage interest paid (Line 12)`	`string`	Interest paid on the mortgage.
`remaining_accounts`	`Multiply gross monthly rent or market rent by 75% (.75). The remaining 25% accounts for vacancy loss, maintenance, and management expenses.`	`string`	Adjustment to gross rent for estimated ongoing property costs.
`extraordinary_expense`	`Enter any one-time extraordinary expense (e.g., casualty loss). There must be evidence of the nature of the one-time extraordinary expense. (Line 19)`	`string`	One-time non-recurring expenses requiring documentation.

"fields": [
  {
    "name": "months",
    "value": "12.0",
    "title": "Enter the number of months the property was in service (Step 1 Result)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "total_rent",
    "value": "10.0",
    "title": "Enter total rents received (Line 3)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "tax_expense",
    "value": "10.0",
    "title": "Enter tax expense (Line 16)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "depreciation",
    "value": "10.0",
    "title": "Enter depreciation expense or depletion (Line 18)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "total_expense",
    "value": "10.0",
    "title": "Enter total expenses (Line 20)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "association_dues",
    "value": "10.0",
    "title": "Enter homeowners' association dues. This expense must be specifically identified on Schedule E in order to add it back. (Line 19)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "proposed_pitia2a",
    "value": "10.0",
    "title": "Enter proposed PITIA (for subject property) or existing PITIA (for non-subject property)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "insurance_expense",
    "value": "10.0",
    "title": "Enter insurance expense (Line 9)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "mortgage_interest",
    "value": "10.0",
    "title": "Enter mortgage interest paid (Line 12)",
    "page_doc_pk": "10825500"
  },
  {
    "name": "remaining_accounts",
    "value": "0.0",
    "title": "Multiply gross monthly rent or market rent by 75% (.75).  The remaining 25% accounts for vacancy loss, maintenance, and management expenses."
  },
  {
    "name": "extraordinary_expense",
    "value": "10.0",
    "title": "Enter any one-time extraordinary expense (e.g., casualty loss). There must be evidence of the nature of the one-time extraordinary expense. (Line 19)",
    "page_doc_pk": "10825500"
  }
]

Calculated fields

Field name	Title	Data type	Description
`adjusted_income`	`Equals adjusted rental income`	`string`	Net income after adjusting for allowable expenses.
`qualifying_income`	`Step 2A. Result: Monthly qualifying rental income (or loss):`	`string`	Rental income/loss used for qualification calculations.
`adjusted_monthly_income`	`Equals adjusted monthly rental income`	`string`	Adjusted income broken down every month.

"calculated_fields": [
  {
    "name": "adjusted_income",
    "value": "60.0",
    "title": "Equals adjusted rental income"
  },
  {
    "name": "qualifying_income",
    "value": "-5.0",
    "title": "Step 2A. Result: Monthly qualifying rental income (or loss):"
  },
  {
    "name": "adjusted_monthly_income",
    "value": "5.0",
    "title": "Equals adjusted monthly rental income"
  }
]

Totals

The Field name and Title properties are dynamically generated based on the document from which the data is captured. These fields are intended to reflect the actual content and labels as found in the original submission.

Field name	Title
`<property name>`	Dynamic name of the property.
`recommended_income`	Recommended Income

[
  {
    "name": "189 MARTY RUE NORTH THERONFURT NV 42512-1171",
    "value": "949.5867768595042",
    "title": "189 MARTY RUE NORTH THERONFURT NV 42512-1171"
  },
  {
    "name": "APT . 169 8300 TREUTEL SKYWAY LENNYMOUTH IL 15550",
    "value": "581.4912280701755",
    "title": "APT . 169 8300 TREUTEL SKYWAY LENNYMOUTH IL 15550"
  },
  {
    "name": "APT . 417 1192 EMMERICH ISLE BORERTON SC 09845-7015",
    "value": "5.0",
    "title": "APT . 417 1192 EMMERICH ISLE BORERTON SC 09845-7015"
  },
  {
    "name": "recommended_income",
    "value": "1506.0780049296795",
    "title": "Recommended Income"
  }
]

Updated 1 day ago