Transcription of Section 4: Underwriting Guidelines - esnmc.com
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Section 4: Underwriting Guidelines - esnmc.com
Section : Income SNMC Page | 1 February 22, 2011 Income General Employment and income are essential ingredients to successful home ownership. Qualifying income should be stable, predictable, and likely to continue. The Underwriter must determine that the borrower demonstrates the financial wherewithal to repay the proposed real estate transaction as well as other obligations in addition to having an AUS approval. In determining stable income, underwriters must be able to conclude that the income is likely to continue for the next three years. Declining Income: A two year income stream should be documented and analyzed in each loan file.
Section 3.4: Income SNMC Page | 3 February 22, 2011 3.4-B Documentation Types (cont’d) 3.4-B2 Verification of Employment and Income Verbal Verifications of Employment requirements for hourly, salary, and commission income
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