DYK…that as of 6/8/2009 FNMA no longer allows the use of trailing income to qualify for income purposes on a loan

DYK…that as of 6/8/2009 FNMA no longer allows the use of trailing income to qualify for income purposes on a loan. FHA also does not allow use of trailing income to qualify, however projected income MAY be used, but we would need it to be guaranteed in the form of intra-company transfer, or offer letter/contract stating terms of new employment and likelihood that it will continue.

Justin Perry
Sr. Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540| Plano, TX 75075

972-908-3390 ext. 125| 918-392-8349 eFax

09/04/2009