A minimum history of two years of employment income is recommended. However, income that has been received for a shorter period of time may be considered as acceptable income, as long as the borrower’s employment profile demonstrates that there are positive factors to reasonably offset the shorter income history.
Borrowers relying on overtime or bonus income for qualifying purposes must have a history of no less than 12 months to be considered stable.
For additional information, see B3-3.1-03, Base Pay (Salary or Hourly), Bonus, and Overtime Income.
For income and employment documentation requirements for DU, see B3-3.5-01, Income and Employment Documentation for DU.