Covers all income types and best practices for calculating and verifying borrower income accurately.
Assessing borrowers with substantial accessible liquid assets but limited recurring income can present unique underwriting challenges. Fannie Mae’s asset depletion program offers lenders a way to qualify these borrowers by
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,
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
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
How to determine variable pay from a paystub When reviewing a borrower’s paystubs, you’ll quickly notice that payroll providers often use different formats and terminology, making it challenging to accurately
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,
Variable income presents unique challenges in mortgage underwriting due to its fluctuating nature. Unlike fixed salaries, this type of income can vary over time, making it harder to assess stability
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
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
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,
