Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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If the borrower is furloughed but continues receiving income for a specified period of time can the income be used for qualifying?

Note: This FAQ comes from the published COVID-19, FAQs on Underwriting & General

If the borrower is furloughed but continues receiving income for a specified period of time, such as four weeks, can the income be used for qualifying?

No.  This income is not stable, predictable, or likely to continue and therefore does not meet the requirements in Selling Guide B3-3.1-01, General Income Information; Continuity of Income.

For more information, refer to the published Lender Letter LL-2020-03, Impact of COVID-19 on Originations.

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