Subject: Part time or seasonal employment - tip of the day

Attachments: Daily Coord Report.xlsx

Good Morning and Happy Friday!

Today is Friday, January 20, 2012

All wholesale staff is available

Turn times are currently same day! 

If the loan is received by 11AM, an UW decision will

Be issued before end of business the same day.

Tip of the day – Part time or seasonal employment

4155.1 4.D.2.d Qualifying Part-Time Income

Part-time and seasonal income can be used to qualify the borrower if the lender documents that the borrower has worked the part-time job uninterrupted for the past two years, and plans to continue. Many low and moderate income families rely on part-time and seasonal income for day to day needs, and lenders should not restrict consideration of such income when qualifying these borrowers.

Part-time income received for less than two years may be included as effective income, provided that the lender justifies and documents that the income is likely to continue.

Part-time income not meeting the qualifying requirements may be considered as a compensating factor only.

Note: For qualifying purposes, “part-time” income refers to employment taken to supplement the borrower’s income from regular employment; part-time employment is not a primary job and it is worked less than 40 hours.

Reference: For more information on seasonal income, see HUD 4155.1 4.D.2.e.

4155.1 4.D.2.e Income From Seasonal Employment

Seasonal income is considered uninterrupted, and may be used to qualify the borrower, if the lender documents that the borrower

•	has worked the same job for the past two years, and

•	expects to be rehired the next season.

Seasonal employment includes

•	umpiring baseball games in the summer, or

•	working at a department store during the holiday shopping season.

Thank You!

Neil Johnson

Gateway Mortgage Group

National TPO Operations Manager

4201 N. State Hwy 161

Irving, TX 75038

neil.johnson@gatewayloan.com

Office: 972-908-3390  ext. 118

fax# 918-858-8392