104
Calyx Software
Loan Application
Entering income and housing expenses
To enter income and housing expenses:
1
Open page 2 of the
Loan Application
and go to
Section V. Monthly Income and
Combined Housing Expense Information
.
2
Enter the primary borrower’s monthly gross income in the
Base
Inc
field.
If the borrower’s income is based on an annual, semi-monthly, bi-weekly, weekly, or
hourly rate, convert it to a monthly rate by using the monthly income calculator. Click
the
Base Inc
button to open the
Monthly Income Calculator
.
a
Select the period that the income in
Amount
field represents from the
Period
dropdown list.
b
Enter the gross amount that is earned for that period.
The
Monthly
Income
field is populated with the calculated monthly amount.
c
Click
OK
to populate the
Base
Inc
field.
3
Enter the monthly income from
Overtime
,
Bonuses
,
Commissn
, and
Div/Int
. Enter
these values as averages (usually over two or three years).
Net
Rent
, if applicable, is calculated from property information that is entered in the
Schedule of Real Estate Owned
.
4
Repeat the process for the co-borrower.
5
Enter additional income in the
Other
field and in the
Describe Other Income
section.
a
Enter
B
or
C
to indicate whether the income is for the borrower or co-borrower.
Important
If you do not specify whether the other income is earned by the borrower
or co-borrower, the
Other
fields are not populated with the total other
income.