We are getting some changes from FHLMC for the New Year. This is one that you need to be aware of asap:
Child Support, Alimony and Maintenance Income
Currently Freddie Mac requires 3 months of documentation of receipt of income if the borrower is relying on child support, alimony or separate maintenance as a basis for income qualification.
Effective with Freddie Mac Bulletin 2011‐21, borrowers must provide a minimum 6 months worth of documentation of receipt of income as opposed to the previous 3 months regardless of LP findings. This is effective with applications dated on or after January 1, 2012 and must be manually applied until LP is updated.
FNMA is expected to follow suit soon, so please be prepared.
