recertification applications, periodic reports or documents that include sensitive. The following additional information may be helpful when evaluating if temporary or periodic income may be used to qualify: Examples of Documents That Can Be Submitted Using NYDocSubmit. Determining the Need for Federal Income Tax Returnsįederal income tax returns are required if the borrower receives income from temporary or periodic employment (or unemployment) or employment that is subject to time limits, such as a contract employee or a tradesman. Examples of less predictable income sources include commissions, bonuses, substantial amounts of overtime pay, or employment that is subject to time limits, such as contract employees or tradesmen. Examples may include rent, car payments, groceries, or utility bills. To demonstrate the likelihood that a consistent level of income will continue to be received for borrowers with less predictable sources of income, the lender must obtain information about prior earnings. Ask students to name some household expenses. If either of the following applies, make the adjustments. Individuals who change jobs frequently, but who are nevertheless able to earn consistent and predictable income, are also considered to have a reliable flow of income for qualifying purposes. The examples used here relate to the accounts in the German charts of accounts SKR03 and SKR04. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income.
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