- Income sources that will not be received for the next full 12 months must still be used in calculating Annual Eligibility Income unless specifically excluded by RHS guidelines (section 3555.152(b)(5)).
- Section 9.3 Annual Income has been updated with detailed income verification requirements to cover previous grey areas in paystub, W-2, and self-employed documentation requirements
- A significant increase or decrease in earnings requiring caution has been defined as a 20 percent variance in income over the previous 12 months.
- Time spent in school can only be used towards income requirements when the schooling is part of college, technical school, or the acquisition of career-based certificates in high school. A standard high school diploma without an accompanying certificate would not meet these requirements.
- Documentation requirements for several types of income have been reduced from 2 years to 1 year, and additional guidance has been provided for previously missing income types
Senior Loan Officer