Let’s talk FHA rental income
Securing an FHA loan requires careful adherence to specific income guidelines, which can evolve. Staying informed about these changes is critical for both lenders and prospective homeowners. In this article, we take an in-depth look at the FHA’s 2025 income guidelines. We’ll cover everything from eligibility requirements and sources of acceptable income to how to […]
Freddie Mac Form 91: Step-by-Step Guide + Free Download
Self-employment is great, but it can make the mortgage application process somewhat challenging. The good news is that Form 91 by Freddie Mac can simplify things for both lenders and self-employed borrowers by streamlining the process and accurately assessing a borrower’s self-employed income, which can lead to faster approvals. Our guide provides a comprehensive, step-by-step […]
Form 1084: How to Complete Fannie Mae’s Cash Flow Form
For lenders and underwriters, evaluating self-employed borrower income is one of the most complex parts of mortgage origination. Fannie Mae’s Form 1084 is a standardized tool used to calculate and document qualifying income based on tax return data—but completing it accurately can be time-consuming, error-prone, and highly manual. This article breaks down the components of […]
Calculating Income For Union or Skilled Trades
Determining income for union workers comes with unique challenges. Unlike conventional employment, these workers typically take on a series of short-term assignments. They don’t job-hop in the traditional sense; rather, they’re dispatched by their union halls to work on projects, moving from one to the next as assignments are completed. You’ll commonly see electricians, welders, […]
How to determine variable income
Variable income is the leading cause of income calculation issues for most lenders. Variable income is generally categorized into the following classes as outlined in the guidelines: overtime, bonus, commission, tips, and base pay when the base is variable. Variability in base pay typically occurs when it depends on hours worked each week, the amount […]
Non-Taxable Income Explained | Blueprint Guide
How do I gross up non-taxable income? Non-taxable income refers to earnings exempt from income taxes. Common examples include child support, alimony, Social Security income, VA benefits, interest income, and 401(k)/pension income. Properly accounting for these income types is essential for mortgage qualification. Why Grossing Up Non-Taxable Income Matters Mortgage qualification relies on debt-to-income (DTI) […]
Self|Employed Borrower Changes Tax Filing Types? | Blueprint
What if my borrower changes tax filing status? Business owners often change their business entity type as their enterprise evolves. For example, a business may start as a sole proprietorship or single-member LLC filing IRS Schedule C, but later transition to an S-corporation to take advantage of tax benefits. This change raises important questions for […]
Determine mortgage income for travel nurses
Travel nurses play a vital role in the healthcare industry by taking on temporary assignments through staffing agencies. These assignments can be local, national, or even international. Unlike traditional nurses, their income can be variable and depends on the contracts they take. For mortgage companies, determining the income of travel nurses can be challenging due […]
January Income Documentation
Happy New Year 2024 from the Blueprint Team, and welcome to our Zone Of Confusion Blog PART TWO. Posting these blogs has become a tradition for us as we go into our 11th year in business in 2024! If you have not read the fist part of this blog, “Zone of Confusion Part 1 of […]
January Zone Of Confusion
Happy New Year 2024 from the Blueprint Team, and welcome to our Zone Of Confusion Blog, which has become a tradition for us to post as we go into our 11th year in business! Why do we post this blog as a tradition? Just like in life, we have fun traditions for the holidays (i.e. […]