Income Verification Requirements

When you submit a default request, we’ll need proof of your renter’s income. This helps our team verify eligibility and process reimbursements quickly — without back-and-forth delays. The guide below outlines what’s accepted, what isn’t, and how to make sure your documentation checks all the boxes. 

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What You Can Submit

✔ Pay Stubs

• Current stubs required 
  • Pay stub dates must align with the resident’s application date.
• Two (2) pay stubs if paid every 2 weeks (or four (4) if paid every 4 weeks)
• Must show: Company Name, Applicant Name, Pay Period, and Gross Pay

✔ Employment Offer Letter

• Must be on official company letterhead
• Include: Applicant’s Name, Full/Part-Time Status, Rate of Pay or Salary, and whether the position is Permanent or Temporary

✔ Self-Employed Applicants

• Provide one of the following from the previous year:
  • Tax Return
  • K-1
  • 1099
  • W-2
• Include three (3) to six (6) months of recent bank statements to confirm active and stable self-employment.

✔ Gig Workers

• Examples include CashApp, Instacart, DoorDash, Uber Eats, Lyft, Grubhub, Walmart, and similar platforms.
  • Must show: Applicant Name, Statement Period, and Clear Income Amounts with Dates
  • Include three (3) to six (6) months of recent platform statements (or equivalent documentation) to confirm active and stable self-employment

✔ Independent Contractors

• Provide previous year’s:
  • Tax return, 1099, or W-2
• Or a notarized letter from the employer/payer verifying income
• Include three (3) to six (6) months of recent bank statements to confirm active and stable self-employment

✔ Unemployment

• Official unemployment letter that includes:
  • Weekly amount received
  • Start and end dates
  • Applicant’s name

✔ Retired Applicants or Fixed Income

• Accepted documentation includes:
  • 401K or investment account statement
  • Social Security income document
  • Disability income documentation

✔ Housing Assistance

• If the renter uses a housing voucher:
  • Provide the official voucher or qualification document that includes:
    • Total rent amount and voucher amount
    • Start and end dates
    • Applicant’s name
  • This information allows us to calculate the renter’s personal portion of the rent used for income qualification.

✔ Child Support

• Provide the official court-issued child support document showing:
  • Applicant’s name
  • Child’s name
  • Support amount
  • Duration of support

✔ Gifts or Third-Party Contributions

A gift letter or signed promise to provide support is not accepted on its own. There is no way to verify it and no history of the funds actually being received. Contributions already being received may be counted. Provide three (3) to six (6) months of recent bank statements showing:

• • Consistent deposits in a regular amount
  • A source matching the person providing the support
  • Statement dates that align with the resident's application date

A one-time lump sum gifted to cover rent for the year or lease term must also be sourced and documented. If the contributor's support is essential to qualifying and there is no deposit history, that person should be added as a guarantor and qualified under the property's criteria.

✔ Bank Statements

• Must include:
  • Applicant’s name and address
  • Statement period
  • Bank logo and address
  • Clear, legible deposit details

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Third-Party Verification Tools

We also accept income verification through approved third-party tools (i.e. TwoDots, Snappt or Plaid etc).
We would need the following information:

• Exported report and/or screenshot from the third-party system. The applicant's name must be visible, in addition to the final calculated income-to-rent ratio.
• Any backup documentation that was uploaded in the third-party platform (such as bank statements, or confirmation of linked bank accounts).

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What We Cannot Accept

To help you avoid delays, here’s what’s not accepted:

• Bank statements without full info or clear deposits
• Direct deposit emails/notifications missing company, applicant, or pay period details
• Handwritten letters that aren’t notarized
• Gift letters or promises of future support with no history of deposits

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Quick Tips for a Smooth Process

• Double-check documents are clear and easy to read.
• Make sure to submit documents for all applicants/renters of the unit.
• When in doubt, reach out to the Defaults Team before submitting.

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