Selling Guide

Published April 07, 2021

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Is income generated from temporary or periodic employment acceptable?

Stable and Predictable Income

Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Individuals who change jobs frequently, but who are nevertheless able to earn consistent and predictable income, are also considered to have a reliable flow of income for qualifying purposes. 

To demonstrate the likelihood that a consistent level of income will continue to be received for borrowers with less predictable sources of income, the lender must obtain information about prior earnings. Examples of less predictable income sources include commissions, bonuses, substantial amounts of overtime pay, or employment that is subject to time limits, such as contract employees or tradesmen. 

Determining the Need for Federal Income Tax Returns

Federal income tax returns are required if the borrower receives income from temporary or periodic employment (or unemployment) or employment that is subject to time limits.

 

For additional information, see B3-3.1-01, General Income Information.

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