The lender must obtain and review the borrower’s offer or contract for future employment. The borrower is qualified using only fixed base income. The borrower is not employed by a family member or by an interested party to the transaction, and This option is limited to loans that meet the following criteria: Option 2 - Paystub Not Obtained Before Loan Delivery
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In addition, if full or partial payments are made on an inconsistent or sporadic basis, the income is not acceptable for the purpose of qualifying the borrower. Income received for less than six months is considered unstable and may not be used to qualify the borrower for the mortgage. To be considered stable income, full, regular, and timely payments must have been received for six months or longer. Review the payment history to determine its suitability as stable qualifying income. Note: If a borrower who is separated does not have a separation agreement that specifies alimony or child support payments, the lender should not consider any proposed or voluntary payments as income.Īny other type of written legal agreement or court decree describing the payment terms.ĭocumentation that verifies any applicable state law that mandates alimony, child support, or separate maintenance payments, which must specify the conditions under which the payments must be made.Ĭheck for limitations on the continuance of the payments, such as the age of the children for whom the support is being paid or the duration over which alimony is required to be paid.ĭocument no less than six months of the borrower’s most recent regular receipt of the full payment.
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