Tag: Unemployment

Income Calculation for Temporary Unemployment During COVID – Union Worker

Question: I have a Union worker who was on unemployment until September due to COVID.  We have a letter from his union rep stating that the layoff was due to COVID and that he is still gainfully employed with the Union and is back to work. How do I calculate his income? Answer & Reference: […]

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Freddie Mac – COVID19 Updates – Condo Projects – Appraisal FAQs – ChoiceRenovation

Written by:  Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]

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FHA, Fannie Mae & Freddie Mac – Income from 1099 to W2: Is there a waiting period for a borrower that changes from a 1099 job to a W2 job?

Answer – FHA Says: While FHA has a ‘6-month rule’ regarding gaps in employment, I do not believe that your situation is necessarily a ‘gap in employment’.  The 6-month rule is referring to borrowers who leave the workforce for 6 months or more.  It sounds as if your borrower never stopped working.  That said, 1099 income […]

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