• Document Requirements

    The following information must be provided in order to be considered for mortgage assistance and loss mitigation programs:

    1. A Request for Mortgage Assistance form;
    2. A complete and signed IRS Form 4506-T or 4506-T EZ;
    3. Your most recent signed and filed federal tax return with all the applicable pages and schedules included;
    4. Proof of income based on employment type of each borrower as explained below.

    If you are a salaried or hourly wage earner:

    This includes full-time, part-time and temporary employees who receive a salaried or hourly income. It also applies to borrowers who receive income in the form of tips, commission, bonus or incentives. For each borrower (or non-borrower contributor, who is not on the original note, who resides in the property, and whose income is relied upon to support the mortgage payment) you'll need to submit the following documents:

    • Paystubs
      • Must show one complete month of pay.
      • If paid twice a month, submit two (2) consecutive most recent paystubs (two for each borrower).
      • If paid weekly, please provide four (4) consecutive most recent paystubs (four for each borrower).
      • All submitted paystubs must reflect at least part of the borrower's Social Security number (e.g. last four digits) or another type of identification number (e.g. employee ID, payroll number, etc.).
      • All paystubs must have pay periods and year-to-date amounts listed on them.
      • If you do not have pay stubs that meet the above requirements or one of the following applies: 1) new position; 2) paid on a seasonal basis; 3) paid tips; 4) commissions; or 5) bonuses; then please provide a Verification of Employment from your employer. The written Verification of Employment must be:
        • On company letterhead with the date written;
        • Employee information including hire date, current position;
        • Current gross pay, net pay, year-to-date gross and year-to-date net pay;
        • Frequency of pay (weekly, bi-weekly, monthly or annually); and
        • Employer representative name, title, and signature.

    • Federal Tax Returns
      • Must be the most recent signed and filed federal tax return.
      • Must include all pages and schedules.
        • If an extension has been filed for the past year's tax return, you must submit an active IRS Extension Form (expired extension forms are not acceptable) and a copy of the previous year's signed and filed tax return with all pages and schedules.
      • Signed 4506-T EZ.

    If you are self-employed:

    Self-employed borrowers are people who own a business, work for themselves and do not receive a W-2. Self-employed borrowers also include those who receive a 1099 for the income they earn.


    For each borrower (or non-borrower contributor, who is not on the original note, who resides in the property and whose income is relied upon to support the mortgage payment) include the following documents:

    • Profit and Loss Statement
      • Name of the business must be on Profit and Loss Statement.
      • Must show most recent quarterly or year-to-date Profit and Loss.
      • Must include all income and expenses (do not include personal expenses).
      • Must be at least three consecutive months.
      • Click here for sample Profit and Loss Statements and a more detailed explanation of what should be included.

    • Business Bank Statements
      • Must include all pages and provide evidence of revenue and expenses.

    • IRS K-1 Form
      • Must be for the most recent tax year available.
      • Required for al Partnerships, S-Corps, and LLCs.

    • Federal Tax Returns
      • Must be the most recent signed and filed federal tax return.
      • Should include all pages and schedules.
      • Include all 1099s.
      • If an extension has been filed for the past year's tax return, you must submit an active IRS Extension Form (expired extension forms are not acceptable) and a copy of the previous year's signed and filed federal tax return with all the applicable pages and schedules.
    • Signed 4506-T

    If you receive social security, disability or death benefits, pension or public assistance:

    For each borrower (or non-borrower contributor, who is not on the original note, who resides in the property and whose income is relied upon to support the mortgage payment) include the following documents:

    • Signed 4506-T EZ
    • Benefit Statements
      • Can include letters, exhibits, a disability policy or benefit statement from the provider and must clearly list the amount and frequency of the benefits (weekly, bi-weekly, monthly, or annually).
    • Bank Statements
      • Include copies of two (2) most recent bank statements (all pages). Circle or highlight each benefit deposit amount. The remaining balance must be clearly listed at the end of the statement.

    If you receive alimony, child support or separation maintenance (NOTE: You are not required to disclose child support, alimony or separation maintenance income, unless you choose to have it considered by your servicer):

    For each borrower (or non-borrower contributor, who is not on the original note, who resides in the property and whose income is relied upon to support the mortgage payment) include the following documents:

    • Divorce Decree, Separation Agreement or other Legal Written Agreement: Must be filed in court and show the amount of the alimony or child support payment and include the period of time over which the payment will be received.
    • Signed 4506-T EZ
    • Bank Statements: Include copies of two (2) most recent bank statements (all pages). The remaining balance must be clearly listed at the end of the statement.

    If you have rental income:

    For each borrower (or non-borrower contributor, who is not on the original note, who resides in the property and whose income is relied upon to support the mortgage payment) include the following documents:

    • Bank Statements: 
      Include copies of two (2) most recent statements (all pages). Circle or highlight the rental income deposits. The remaining balance must be clearly listed at the end of the statement.

    • Schedule E-Supplemental Income and Loss:
      If Schedule E is not available because the property was not previously rented you must submit:
      • Present a signed rental agreement with the rental amount, lease agreement, start date and end date listed.
      • Include copies of the two most recent bank statements showing your rental deposit or the two most recently canceled rent checks.

    • Federal Tax Returns:
      • Must be the most recent signed and filed federal tax return.
      • Must include all pages and schedules.
      • Must include all 1099s.
      • If an extension has been filed for the past year's tax return, you must submit an active IRS Extension Form (expired extension forms are not acceptable) and a copy of the previous year's signed and filed tax return with all pages and schedules.

    • Signed 4506-T EZ

    How to calculate rental income: 
    • Rental income from renting a portion of your principal residence: income will be calculated at 75% of monthly gross rental income.
    • Rental income from properties other than your principal residence: income will be calculated at 75% of the monthly gross rental income reduced by the monthly debt service on the property (e.g. principal, interest, taxes, insurance, mortgage insurance and association fees).

    If you have non-borrower contributor income:

    If you used contribution income from a non-borrower (including your spouse) on your application you will need to submit a contribution letter. A non-borrower is someone who is not on the original note (and may not be on the Original Security Instrument) and must reside in the residency, but whose income is relied upon to support the mortgage payment.

    Income received from contributors is subject to the same underwriting requirements as income received from borrowers on the loan.  All contributors MUST submit full documentation of income received by type of wage earned. Please complete an income worksheet for all contributors by making a copy of the income worksheets found in the RMA.

    In order to submit a complete Application, the following documents must be submitted, for each contributor, with your Application:

    Contribution letter:  
    Each contributor must provide a signed and dated,written statement that clearly describes the amount of payment made to the borrower from the contributor, frequency of payments (weekly, bi-weekly, monthly or annually), statement confirming the contributor resides in the property.

    Credit Authorization Form:  
    Each contributor must complete a Credit Authorization Form that provides CIT Bank Residential Servicing authorization to obtain a copy of the contributor's Credit Report - click here to download a copy.