Tag: Pension Income

Borrower Retires Prior to Closing – Future Pension Income Allowed?

Question: My client retired while under contract to purchase a new home.  Her pension will not be received until after the loan closing date.  Can this be used as “future income”? MC – Income Analyzer – Retirement Income – MC -Income Analyzer – Expected Income Answer: Unfortunately, this is not an income source that can […]

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How do you Document VA Pension Paid to Ex-Spouse?

Question: My Veteran client is refinancing their home on a cash-out basis. His ex-spouse is paid half of his pension and this has been happening for years.  We have a pension statement from the VA verifying the payout to the ex-spouse and tax returns for 2 years showing no alimony or child support. We’re running […]

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Fannie Mae – Continuation of Income – What types of income require documenting a 3-yr. continuance and which ones do not? [NEW MTP – Documenting Continuance of Income]

Answer: Fannie Mae makes it easy to determine which types of income require documenting 3 years of continuance vs. income that does not require this documentation. Reference: B3-3.1-01, General Income Information (7/25/2017) Continuity of Income A key driver of successful homeownership is confidence that all income used in qualifying the borrower will continue to be […]

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