109.03.5 Exhibit 5-A. Borrower's Certificate as to Income.
AR ADC 109.03.5 Exhibit 5-AArkansas Administrative Code
Ark. Admin. Code 109.03.5 Exhibit 5-A
109.03.5 Exhibit 5-A. Borrower's Certificate as to Income.
EXHIBIT 5-A
BORROWER'S CERTIFICATE AS TO INCOME
Ladies and Gentlemen:
I understand that HOUSEHOLD INCOME includes total income from all sources (before taxes or withholding) of all adult persons residing or intending to reside in the Single Family Residence to be financed with the proceeds of the Mortgage Loan. The total number of all persons who will reside or intend to reside in this Single Family Residence is __________. The total number of all persons 18 years old or older who will reside or intend to reside in this Single Family Residence is __________. Household Income is defined as the “current household income of a potential Mortgagor, and shall in any event include the current gross income of all persons who reside or intend to reside with such Mortgagor in the same dwelling unit (other than persons under 18 years of age who are not primarily liable or secondarily liable on the Mortgage Note), but exclusive of the income of any CO-SIGNER of a Mortgage Note who does not reside or intend to reside therein, as evidenced by documentation satisfactory to the “Authority.” The information contained in the loan application is information relevant to a determination of my annual Household Income as the date hereof, and to the best of my knowledge and belief. Current gross income is gross monthly income multiplied by twelve (12). Gross monthly income is the sum of monthly gross pay, any additional income from overtime, part-time employment, bonuses, commissions, dividends, income from assets, interest, royalties, shift differential, pensions, VA compensation, net rental income, etc., and other income such as alimony, child support, mileage, military allowance, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments, etc.
As defined above, my annual Household Income is $__________. I do not expect such annual Household Income to change within the next 180 days. This amount includes the annual income of all persons age 18 years and older who intend to occupy the mortgaged property.
BORROWER: | CO-BORROWER: |
|---|---|
(X) | (X) |
Name: | Name: |
Date: | Date: |
PROPERTY ADDRESS: | |
(MAILING ADDRESS/STREET & NUMBER) (AS ON NOTE & MORTGAGE) | |
(CITY/STATE/ZIP CODE) |
THIS DOCUMENT MUST BE EXECUTED BY BORROWER AND CO-BORROWER AT TIME OF LOAN APPLICATION
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.03.5 Exhibit 5-A, AR ADC 109.03.5 Exhibit 5-A
| End of Document |