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1. #Residual income calculator full#
2. #Residual income calculator verification#
3. #Residual income calculator code#
4. #Residual income calculator plus#
5. #Residual income calculator series#

#Residual income calculator code#

The lender must deliver the loan with Special Feature Code 707.Īssets 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.

#Residual income calculator verification#

If the current income is not being used or is not eligible to be used for qualifying purposes, it can be documented by the lender using income documentation, such as a paystub, but a verification of employment is not required. For this purpose, the lender may use the amount of income the borrower is expected to receive between the note date and the employment start date.

#Residual income calculator full#

For calculation purposes, consider any portion of a month as a full month.Ĭurrent income refers to net income that is currently being received by the borrower (or coborrower), may or may not be used for qualifying, and may or may not continue after the borrower starts employment under the offer or contract.

#Residual income calculator plus#

The lender must document, in addition to the amount of reserves required by DU or for the transaction, one of the following:įinancial reserves sufficient to cover principal, interest, taxes, insurance, and association dues (PITIA) for the subject property for six months orįinancial resources sufficient to cover the monthly liabilities included in the debt-to-income ratio, including the PITIA for the subject property, for the number of months between the note date and the employment start date, plus one. Verbal verification of employment that confirms active employment status The note date or no more than 30 days prior to the note date Prior to delivery, the lender must obtain the following documentation depending on the borrower’s employment start date: The borrower’s start date must be no earlier than 30 days prior to the note date or no later than 90 days after the note date.

#Residual income calculator series#

This confirmation must be noted in the mortgage loan file.Īlso note that for a union member who works in an occupation that results in a series of short-term job assignments (such as a skilled construction worker, longshoreman, or stagehand), the union may provide the executed employment offer or contract for future employment. Note: If conditions of employment exist, the lender must confirm prior to closing that all conditions of employment are satisfied either by verbal verification or written documentation. The employment offer or contract mustĬlearly identify the employer and the borrower, be signed by the employer, and be accepted and signed by the borrower Ĭlearly identify the terms of employment, including position, type and rate of pay, and start date andīe non-contingent. 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 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.