USDA has no minimum history requirement for
employment in a particular
position. The key concept is
whether the applicant has a history of receiving stable
income and a reasonable
expectation that the income will continue. The Loan Originator
must carefully assess the
applicant’s income to establish whether it can reasonably be
expected to continue. If the
Loan Originator determines that an applicant’s income
source is unstable and
undependable, the income must be excluded from repayment but
included in annual income.
If our borrower is unemployed for a period of time we would want
to document the unemployment w/ 1099’s for unemployment compensation
covering that time period.
Also, the VOE for the new job should state that the income is expected to
continue for the forseeable future.
We would also want W-2’s from 2007 & 2008 to prove previous
employment w/ the to evaluate his earnings history to
ensure it is/was consistent.
Happy
Selling!
Justin Perry
Sr.
Underwriter
Gateway
Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 125| 918-392-8349
eFax
August 20,
2009