Selling Guide

Published June 02, 2021

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What are the requirements for unemployment benefits income?

Unemployment Benefits Income 

The following table provides verification requirements for income from unemployment benefits, such as those received by seasonal workers.

Verification of Income from Unemployment Benefits
  Document that the borrower has received the payments consistently for at least two years by obtaining copies of signed federal income tax returns.
  Unemployment compensation cannot be used to qualify the borrower unless it is clearly associated with seasonal employment that is reported on the borrower’s signed federal income tax returns. Verify that the seasonal income is likely to continue. See B3-3.1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income, for additional information about verifying seasonal income.

Note: Unemployment compensation may be used in qualifying a borrower for a high LTV refinance loan whether it is seasonal or non-seasonal.

For additional information, see B3-3.1-09, Other Sources of Income.

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