non-taxable income Archives - Mortgage Currentcy

VA – Grossing Up Non-Taxable Income: It seems like the new guideline in Chapter 4 contradicts itself regarding grossing up income. What is the rule? Grossing Up Income Chart

Answer: The new guideline is supposed to read “use 125%”. This is what they announced as their new policy back in April 2018 at the VA Lenders Conference. It appears that when they edited the Chapter, they added in the new policy, but forgot to delete the old one. Anytime this happens, you can expect that [...]

All Agencies-Grossing Up Income: Is there a chart available that shows how all agencies handle grossing up non-taxable income? [NEW MC Chart-Grossing Up Income Guidelines-All Agencies]

Answer: Yes, we have just developed a reference chart for this purpose. Please see it attached to this question. Social Media Post Non-Taxable income can be “grossed up,” which adds more income to assist a client in qualifying for a loan. Each agency has different requirements, so contact me first! Supporting Resource NEW MC Chart: [...]