Fannie Mae permits lenders to request specific or limited documentation from the IRS when submitting a request with the borrower’s consent on IRS Form 4506-C (such as requesting only the transcript for forms W2 or 1099), rather than always requiring the full transcript of the borrower’s personal income tax return (aka Form 1040). The total qualifying income that results may not exceed the borrower's regular employment income. See B3-3. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. The table below details the standard coverage requirements. Visit our consumer alert web page for more information, and please report any such scams to us: 1-800-2FANNIE (1-800-232-6643) Option 4. When submitting rental income to DU for an investment property: The lender should calculate the net rental income amount for each property and enter the amount (either positive or negative) in the Net Monthly Rental Income in Section 3. Lender must document 3–year continuance. financial markets. Please take a few minutes to watch a short training video. 1 4. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. Guidance for documenting access to income and business liquidity If the Schedule K-1 reflects a documented, stable history of receiving cash distributions of income from the business consistent with the level of business income being used to qualify, then no further documentation of access to. financial markets. The total qualifying income that results may not exceed the borrower's regular employment income. Subpart B1: Loan Application Package. (Hourly gross pay x average # of hours worked per week x 52 weeks) / 12 months. In addition, evidence of current receipt of the income must be obtained in compliance with the Allowable Age of Credit Documents policy, unless. Other income sources can include annuities, distributions from retirement savings plans, and other government retirement benefits. For all Servicing Guide resources, please visit guide. The lender must assess repayment or additional obligation considerations to determine the impact. Lender may use the AMI limits for purposes of determining income eligibility for RefiNow, HomeReady or other loans that have AMI requirements. m. As a result of the tax law changes that will prevent lenders from being able to identify unreimbursed business expenses, the requirements for IRS Form 2106 have been removed and the automobile allowance policy has been changed. 01 or $-0. It promotes financial stability, protects against overspending, and enables long-term financial planning. First payment date: July 1. Assets used for the calculation of the monthly income stream must be owned individually by the borrower, or the co-owner of the assets must be a co-borrower of the mortgage loan. Going forward, all commission income will be treated the same, and individual tax returns (or tax. b. The total qualifying income that results may not exceed the borrower's regular employment income. Freddie Mac HomeOne ℠. LTV. Total verified liquid assets: $30,000. If the income is verified to be nontaxable, and the income and its tax-exempt status are likely to continue, the lender may develop an “adjusted gross income” for the borrower by adding an amount equivalent to 25% of the nontaxable income to the borrower’s income. Underwriting Borrowers. 1-01, General Income Information (08/07/2019) CONFIDENTIAL Calculating Income 25 Documentation Fannie Mae Selling Guide Check For Investor Overlays For Timing Of Verbal VOEOpting for a lottery annuity provides several advantages, including a guaranteed income stream and reduced tax burden. (Weekly gross pay x 52 pay periods) / 12 months. Ask Poli provides answers to all your selling policy questions straight from the source. Document the following: a minimum 24-month history of trust income by obtaining copies of the borrower’s signed federal income tax returns for the most recent two years, and. Acceptable Sources of Reserves. This Job Aid contains requirements when using accessory unit income and boarder income on a HomeReady. Lender must document 3–year continuance. Choosing an annuity mortgage involves. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Fannie Mae Guidelines Updates On Income Requirements. (Biweekly gross pay x 26 pay periods) / 12 months. The Selling Guide has been updated to include changes to the following:. Note: Changes since the last update are marked either NEW or UPDATED. citizen borrowers. the borrower’s recent paystub and IRS W-2 forms covering the most recent two-year period. Refer to B3-3. Opinions, analyses,. Determining the Need for Federal Income Tax Returns. Fannie Mae has scheduled a conference call to discuss the company's results at 8:00 a. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. Temporary Leave Income. The DU validation service offers lenders an opportunity to deliver loans with more certainty. To gross up net income, the Servicer must: Establish the Borrower’s monthly net income in accordance with this Section 9202. (DU®), Loan Delivery, and the Area Median Income Lookup Tool over the weekend of June 10, 2023, with an effective date of June 12, 2023. If the actual amount of federal and state taxes that would generally be. When the loan casefile is resubmitted to DU after closing and prior to delivery to Fannie Mae, the lender is responsible for ensuring that: all information provided in the final submission to DU matches the terms of the closed loan;Company to Host Conference Call. GMWBs are designed to provide. For more information, see B3-3. Launch Ask Poli for Sellers . Selling Guide Announcement (SEL-2020-07) Dec. Example. The documentation must be in compliance with B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. part-time job, second job, or seasonal income. Income documentation must be no more than 90 days old as of the date the servicer first determines that the borrower submitted a complete BRP or at the time of a. Schmidt also oversees the company’s alternative asset investing and the hedging of variable annuity guarantees and chairs the Senior Asset Liability Committee. Launch Ask Poli for Sellers . 0 0 Actual/Estimated. All other paystub requirements remain unchanged. Obtain the following documents: a completed Form 1005, or. Continued on next page. This verification can be provided by the borrower, by the borrower’s employer, or by a third-party employment verification vendor. November 1, 2023. a copy of signed federal income tax return, an IRS W-2 form, or ; an IRS 1099 form. 4 Billion for Fourth Quarter 2022. 1-09, Other Sources of Income. 2-02, Loans with Resale Restrictions: Eligibility, Collateral and Delivery Requirements, for additional requirements. 501. Total qualifying income = supplemental income plus the temporary leave income. Base Pay (Salary or Hourly) Income. 1-09, Other Sources of Income. Fannie Mae. All of the above calculations must be compared with the documented year-to-date base earnings (and past year earnings, if applicable) to. Both offer flexible underwriting and low-down payments, with unique benefits and limitations. current receipt of trust income with one month’s bank statement or other equivalent document. Chapter B3-1: Manual Underwriting. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. Our team is available seven days a week and are experts at. copies of the current lease agreement (s) if the borrower can document a qualifying exception (see Reconciling Partial or No Rental. Net proceeds from a loan against the cash value or from the surrender of a life insurance policy are an acceptable source of funds for the down payment, closing costs, and reserves. Temporary leave income: $2,000 per month. 2-01, Underwriting Factors and Documentation for a Self-Employed Borrower. an IRS 1099 form. Hourly. If the retirement assets are in the form of stocks, bonds, or mutual funds, the account must meet the requirements of B3-4. Make sure you have your annuity and tax documents organized before you apply for the loan and you should be well-positioned to qualify. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. an IRS 1099 form. 1-09, Other Sources of Income. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. Hourly. checking or savings accounts; investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts; the amount vested in a retirement savings account; and. The primary beneficiary of the trust must be the individual (s) establishing the trust. The required documentation to verify income disclosed by the Borrower(s) on Form 710, Mortgage Assistance Application, and the corresponding methods to calculate the income from each type are provided in this exhibit. For loan casefiles underwritten through DU, the maximum allowable DTI ratio is. Published August 3, 2022The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information. DU does not consider the amount of non-liquid assets. Certain components of the loan file – income, employment, and assets – are eligible for validation by DU using electronic verification reports obtained from vendors. As. Income documentation must be no more than 90 days old as of the date the servicer first determines that the borrower submitted a complete BRP or at the time of a subsequent evaluation for another workout option. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as. Fannie Mae has scheduled a conference call to discuss the company's results at 8:00 a. If there is a noticeable decline in this bonus income, it could influence a borrower's eligibility for a mortgage loan. Lender must document 3–year continuance. This topic contains general information for income, including: Stable and Predictable Income. is employed by family members (two years’ returns); is employed by interested parties to the property sale or purchase (two years’ returns); Items required for a complete BRP : Form 710, or equivalent, that is completed in its entirety. Chapter B3-4: Asset Assessment. / Retirement/ Gov't Annuity/ Pension Income; Browse. Servicers must refer to Section 9202. Depository Assets. When submitting rental income to DU for an investment property: The lender should calculate the net rental income amount for each property and enter the amount (either positive or negative) in the Net Monthly Rental Income in Section 3. need to obtain the final 2018 year-to-date paystub to accurately calculate income. These guidelines describe our underwriting requirements for one-to-four family conforming conventional mortgages and can be superseded by changes made by secondary market investors, Federal NationalGROUP ANNUITIES – if you purchased your annuity through an employer 403(b) Withdrawal Request Form - Non-ERISA This form is for a participant or alternate payee to request a distribution from a 403(b) Non-ERISA annuity other than for a hardship or as a systematic withdrawal. Fannie Mae considers sweat equity an acceptable source of funds for HomeReady loans when the borrower participates in an affordable housing purchase program run by an eligible. Both offer flexible underwriting and low-down payments, with unique benefits and limitations. Document current receipt of the income, as verified by one or more of the following: a statement from the organization providing the income, a copy of retirement award letter or benefit statement, a copy of financial or bank account statement, a copy of signed federal income tax return, an IRS W-2 form, or; an IRS 1099 form. a copy of signed federal income tax return, an IRS W-2 form, or. Total qualifying income = supplemental income plus the temporary leave income. m. An annuity is a financial product designed to pay a stream of income in the future. Approximately 78% of our participants preferred to pay $100,000 for lifelong cash payments immediately at retirement than to pay. Social Security, VA, or other government retirement or annuity. The payments from an ordinary annuity can be fixed or variable, and it has the potential to generate compound interest and. Total verified liquid assets: $30,000. Example. When used for reserves, 100% of the value of the assets may be considered, and liquidation is not required. Freddie Mac Home (opens in new window) Single-Family Division (opens in new window). To learn more about income continuance or to discuss your homebuying and mortgage financing options, contact our team by phone at (855)855-4491 or by email at jvmteam@jvmlending. Dec. If the borrower will return to work as of the first mortgage payment date, the. These payments can be. Lenders are responsible for making the final determination of whether the borrower’s specific income source has a defined expiration date. Fannie Mae Home Price Index . 02 C Ordinance or Law Insurance. For additional information, see B3-3. Retirement, Government Annuity, and Pension Income • Fannie DU – letter from organization, award letter, tax returns, W2 or 1099 OR proof of currentThe Fannie Mae Income Limits 2023 refer to the maximum annual earnings a borrower can have to qualify for certain Fannie Mae loan products. Employment-Related Assets as Qualifying Income. If the retirement assets are in the form of stocks, bonds, or mutual funds, the account must meet the requirements of B3-4. Note: Some of these asset types. This. 1 The risk profile of this loan casefile appear s to meet Fannie Mae's guidelines. Total verified liquid assets: $30,000. the borrower’s recent Leave and Earnings Statement (LES) for military income and entitlements. Updated: 05/03/2023. 80% if the owner of the asset (s) being used to qualify is at least 62 years old at the time of closing. Need additional assistance options for your down payment. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. The lender must obtain. Her previous roles included litigation partner at Jenner & Block and general counsel at Fannie Mae. Sources "B3-3. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. Example. The lender warrants that the borrower is employed at the time the loan is delivered to Fannie Mae. S. 1-09, Other Sources of Income, for boarder income requirements, and B5-6-02,. B3-3. Fannie Mae may revoke these limited permissions by written notice to any or all Fannie Mae-approved users. These can include various sources such as child support, alimony, social security income, VA benefits, interest income, 401K/pension income, or any other documented income that is deemed non-taxable. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. The following table provides verification requirements for retirement, government annuity, and pension. Credit documents include credit reports and employment, income, and asset documentation. The Guaranteed Minimum Withdrawal Benefit (GMWB) is a feature of certain annuity contracts. Home, 60 percent. Fannie Mae and Freddie Mac offer a variety of coverage options. For mortgages originated for sale to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the. S. Study with Quizlet and memorize flashcards containing terms like Private mortgage insurance (PMI) is usually required on _____ loans with loan-to-value ratios greater than _____ percent. 25 to determine the Borrower’s monthly gross. 1-09, Other. Section 5303. If the asset (s) is jointly owned, all owners must. Annuities are just one of the many financial products designed to offer income for retirees. published by . Weekly. Mortgage qualification requirements for retirees: Assets. Carlos T. The below provides the verification requirements for long-term disability income. If the Net Monthly Rental Income is a “breakeven” amount, the user must enter either $0. While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are. . Vested assets in the form of stocks, government bonds, and mutual funds are acceptable sources of funds for the down payment, closing costs, and reserves provided their value can be verified. ). This type of annuity is designed to help individuals maintain their purchasing power over time, as the payments they receive will increase in response to rising prices. S. 1, Employment and Other Sources of Income. Allowable Age of Credit Documents. They can be an essential component of a retirement plan, helping to ensure financial. 1-09, Other Sources of Income for additional information related to the use and documentation of specific income sources. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to Retirement, Government Annuity, and Pension Income . self-employment income. c. Study with Quizlet and memorize flashcards containing terms like Private mortgage insurance (PMI) is usually required on _____ loans with loan-to-value ratios greater than _____ percent. Retirement income: Income from retirement accounts (like a 401(k), IRA, 403(b), etc. . Regular income amount: $6,000 per month. Fannie Mae, October 2. Minus 10% of $500,000 ($500,000 x . The lender or servicer must ensure that the insurer, policy, and coverage meet Fannie Mae's requirements. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. If the trust is established jointly, there may be more than one primary beneficiary as long as the income or assets of at least one of the individuals. DU considers the following assets non-liquid assets: Cash Deposit on Sales, Net Worth of Business, Other Non-Liquid Asset, and Unsecured Borrowed Funds. IRA (made up of stocks and mutual funds) $500,000. (Weekly gross pay x 52 pay periods) / 12 months. If the asset (s) is jointly owned, all owners. The lender must obtain all other employment documentation as required by the Selling Guide. d. part of the credit review process, or. 4 for additional information about income calculation requirements and guidance. The servicer must determine the borrower's new modified mortgage loan terms in accordance with Determining the Fannie Mae Flex Modification Terms in D2-3. Calculating Income 23 Fannie Mae Selling Guide. Documenting Rental Income from Property Other Than the Subject Property. To be eligible as a HomeReady mortgage, the total annual qualifying income may not exceed 80% of the AMI for the property’s location. Single-Family Division. The lender must obtain. Chapter 4, Section E HUD 4155. and monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income. comFannie Mae guidelines. It provides predictability and stability but requires careful consideration, given its long-term commitment and potential for higher initial payments. It can be a useful tool for budgeting, meeting financial obligations, and planning for retirement. If the income is verified to be nontaxable, and the income and its tax-exempt status are likely to continue, the lender may develop an “adjusted gross income” for the borrower by adding an amount equivalent to 25% of the nontaxable income to the borrower’s income. Develop an average of the income received for the most recent two years. Guide Resources. A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. 7 $3. Credit documents include credit reports and employment, income, and asset documentation. foster-care income. Fannie Mae. Retirees often have significant assets, but limited income, so Fannie and Freddie have found ways to help retirees qualify based on their assets. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as. Total qualifying income = supplemental income plus the temporary leave income. Fannie Mae customers! Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. Definition of Annuity Due. (Biweekly gross pay x 26 pay periods) / 12 months. This is the total amount of eligible assets minus the following: The amount of any penalties that would apply if the assets were distributed early. Obtain a copy of the note to establish the amount and length of payment. Both are easy to find on the web and can. Home, 60 percent. Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published. ) Home / Underwriting Borrowers / Income. Requirement. Base Pay (Salary or Hourly) Income. Regular income amount: $6,000 per month. a copy of retirement award letter or benefit statement, a copy of financial or bank account statement, a copy of signed federal income tax return, an IRS W-2 form, or. For additional information, see B3-3. Borrowers relying on overtime or bonus income for qualifying purposes must have a history of no less than 12 months to be considered stable. When a loan casefile receives an Approve/Ineligible recommendation, the lender should: Review the DU loan data for accuracy and verify that all income, assets, and liabilities were accurately recorded and fully disclosed by the borrower. of this publication are granted to Fannie Mae-approved lenders, servicers, and other mortgage finance professionals, strictly for their own use in originating mortgages, selling mortgages to Fannie Mae, or servicing mortgages for Fannie Mae. Maximum LTV, CLTV, and HCLTV Ratio. Make sure you have your annuity and tax documents organized before you apply for the loan and you should be well-positioned to qualify. Tip Income Fannie Mae allows tip income to be included in qualifying income if the lender can verify that the borrower has received the income for the last two years. freddiemac. An ordinary annuity is a financial product that can provide a predictable and consistent income stream over a set period. Certain components of the loan file – income, employment, and assets – are eligible for validation by DU using electronic verification reports obtained from vendors. 1-09, Other Sources of Income. For information related to employment offers or contracts, refer to B3-3. Lender must document 3–year continuance. If the asset (s) is jointly owned, all owners. But, say the borrower has existing debts. Fannie Mae on Wednesday released its October 2023 update to its Selling Guide, aiming to reflect changes in the mortgage industry, its surrounding regulatory environment and Fannie Mae policy. Fannie Mae HomeView® can be used to satisfy the homeownership education. checking or savings accounts; investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts; the amount vested in a retirement savings account; and. If rental income is claimed on Schedule K-1 can the distributions be used for qualifying purposes? In order to include a positive net rental income received through a partnership or an S corporation in the borrower’s monthly qualifying income, the lender must evaluate it according to Fannie Mae’s guidelines for income received from a. Social Security, VA, or other government retirement or annuity. The messages used to indicate if the loan casefile may be eligible towards Fannie Mae’s low-income purchase goal, very low-. 3-13 , and Selling Guide section B5-6-02. 1-09, Other Sources of Income, for boarder income requirements, and B5-6-02,. Document the following: a minimum 24-month history of trust income by obtaining copies of the borrower’s signed federal income tax returns for the most recent two years, and. What are Fannie Mae’s expectations of a seller or servicer if its mortgage operation is impacted due to a. / Retirement/ Gov't Annuity/ Pension Income; Browse. DU will require the following: a completed Request for Verification of Employment ( Form 1005 ), the borrower’s recent paystub and IRS W-2 forms covering the most recent one-year period, or. an IRS 1099 form. Launch Ask Poli for Sellers . 1, Employment and Other Sources of Income. 02 D Boiler and Machinery / Equipment / Mechanical Breakdown Insurance. Refer to Selling Guide Announcement SEL-2012-13 for details. Carlos T. 1 4. Portfolio Manager, or Fannie Mae’s Single-Family Servicer Support Center at 1-800-2FANNIE (1-800-232-6643) with any questions regarding this Lender Letter. While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies between information provided. one monthly statement (30 days of account activity) for all limited cash. If the source of your income is not listed, ask your Lender for guidance. 9 Billion for 2022 and $1. . Total verified liquid assets: $30,000. The most common way for retirees to get a mortgage is by qualifying based on income, said certified financial planner Daniel Graff, a principal and client advisor at. Fannie Mae permits lenders to request specific or limited documentation from the IRS when submitting a request with the borrower’s consent on IRS Form 4506-C (such as requesting only the transcript for forms W2 or 1099), rather than always requiring the full transcript of the borrower’s personal income tax return (aka Form 1040). If the trust is established jointly, there may be more than one primary beneficiary as long as the income or assets of at least one of the individuals. " Selling Guide: Fannie Mae Single Family. Retirement income must be verified from the former employer, or from Federal tax returns. Requirement. an IRS 1099 form. When you purchase an annuity, you can choose from several payout. Section 5303. equivalent to 25% of the non-taxable income to the borrower’s income. Income from Other Sources have retirement income from two different sources, sum the amounts and list the total once on the form as “Retirement”). Perez Senior Vice President andFor borrowers putting in sweat equity to their homes for HomeReady loans, Fannie Mae no longer requires a 3% personal funds contribution nor caps the sweat equity contribution towards a down payment. This feature guarantees the annuity owner a minimum income stream, regardless of market conditions, by allowing them to withdraw a fixed percentage of their investment each year without depleting the principal. This service is provided for the sole purpose of showing the applicable Area Median Income (AMI) for each applicable census tract. Published May 3, 2023Disability Income — Long-Term. 25% Fannie. Chapter B3-2: Desktop Underwriter (DU) Chapter B3-3: Income Assessment. Inflation -adjusted annuities are typically offered by. Subpart B3: Underwriting Borrowers. Examples of income of this type include income from hourly workers with fluctuating hours, or income that includes commissions. For additional information, see FAQs: Using Income from Retirement and Employment-related Assets and B3-3. Social Security, VA, or other government retirement or annuity. For additional information, see FAQs: Using Income from Retirement and Employment-related Assets and B3-3. LTV. The lender must verify employment income for all borrowers whose income is used to qualify for the mortgage loan. See B3-3. For mortgages originated for sale to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation. The lender must verify the borrower's income in accordance with Section B3–3. General Information. S. They offer an alternative to traditional. PART B Origination thru Closing. This topic contains general information for income, including: Stable and Predictable Income. Web. 3; and. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as. Points and Fees Limitations. Launch Ask Poli for Sellers . comFannie Mae gave current and former employees four options to reallocate their retirement funds — lump-sum distribution, an annuity, the Fannie Mae 401(k) plan or an individual retirement account. 1-01, General Income Information, for additional information. General Information. While Fannie Mae does not have a stated age minimum for a borrower to use retirement income to qualify, a borrower must have unrestricted access without penalty to use income from certain types of retirement accounts, such as a 401(K), IRA or Keogh account (which may have a minimum age Retirement, Government Annuity, and Pension Income. income Effective immediately, PennyMac is aligning with Fannie Mae’s updates to the requirements related to the use of retirement, government annuity, and. " Selling Guide: Fannie Mae Single Family. the lender must evaluate it according to Fannie Mae’s guidelines for income received from a partnership or an S corporation. Supplemental income: $12,000/4 = $3,000. 3 for instructions on processing IRS Form 4506-C, if applicable, based onNon-Taxable Income and Its Significance. Stable and Predictable Income. is employed by family members (two years’ returns); is employed by interested parties to the property sale or purchase (two years’ returns); Total qualifying income = supplemental income plus the temporary leave income. Subpart B3: Underwriting Borrowers. com Fannie Mae Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows: Deferred Student Loans While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has. To learn more about income continuance or to discuss your homebuying and mortgage financing options, contact our team by phone at (855)855-4491 or by email at jvmteam@jvmlending. Which statement most accurately describes the role and function of Ginnie Mae in the secondary mortgage market. 2$7. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. Maximum LTV, CLTV, and HCLTV Ratio. This service is provided for the sole purpose of showing the applicable Area Median Income (AMI) for each applicable census tract. mortgage credit certificates. A borrower applies for a $500,000 mortgage at their local bank to buy a home they have under contract to purchase for $550,000. Base Pay (Salary or Hourly) Income. Employment Documentation Provided by the Borrower’s Employer. Twice monthly gross pay x 2 pay periods. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. See the applicable section below for information on Social Security income. Weekly. The provisions should not be applied as a means to calculate a higher income amount for qualifying purposes, unless the income meets the definition of self-employment as stated in B3-3. Non-taxable income refers to earnings that are exempt from income taxes. Funds needed to complete the. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as adoption assistance. If the property has resale restrictions, see B5-5.