Tag: Retirement Income

Calculating Income with Annual Retirement Withdrawal

Question: My Veteran borrower takes an annual withdrawal from his retirement account.  He has provided us with 1099’s for 2020 and 2019.  Will VA allow this to be used as income? MC Chart – Retirement Account Withdraws Used as Income – All Agency Guidance Answer: In Chapter 4 of the VA Handbook when it briefly […]

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Fannie Mae – DU/DO Release Notes DU Version 11.0 – Dated February 10, 2021 – Effective March 13, 2021

Written by: Lloyd Rutherford, Staff Writer Wow!!  Fannie Mae is dropping the hint that DU approvals and conditions may vary by lender. So, who you work for may help or harm you!  Read this article to find out more. Rule Synopsis: Fannie Mae will be releasing DU Version 11.0 – the newest DO/DU Version to […]

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Estimating & Using Retirement Income

Question: If a Veteran is currently on active pay and officially retiring after closing, how do I figure out his final retirement income? Answer: Unfortunately, the only acceptable form of future retirement pay documentation must come from the Department of Defense unless your borrower can fulfill the requirements of bullet point #6 below. These transition […]

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Future Retirement Income from Active Duty Retirement

Question: Will VA allow future retirement income when someone is retiring from active duty?  Their retirement is set for 10 months after the note date and he will work until that date.  MC – Expected Income Chart – All Agencies Answer: VA would allow the use of the retirement income as long as you can […]

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How Does FHA Calculate 401k Distributed Income During Retirement Years?

Question: My client has income from their 401k. Each year this is a different amount based on their needs.  How would I count this type of income for an FHA loan? Mortgage Income Analyzer™ – Retirement Account Withdraws Answer: A two-year average may be acceptable for the 401k distributions, if this income type is going […]

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