Foster Income for a Kentucky Mortgage
Yes, if it can be documented that foster care income has been received for the last 2 years that income is likely to continue for at least 3 years from the date of the Note, then it can be used to qualify. If it can be verified that income is not taxable, it can be grossed up per 4000.1 II.A.4.c.xii.(P) or II.A.5.b.xii.(P) by either borrower's actual tax rate or 115% whichever is lower.
Yes, we need to show 24 moths receipt of this income, possible exception if only received for 12 months, and we would need something from the agency showing this will continue for 3 years.
Foster-Care Income for a Mortgage Loan Approval
What are the guidelines?
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
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