Wednesday, April 9, 2008

Commission Income for Conventional loans W/DU

DU TIP The Du guide says that there is no stated minimum history requirement for commission income that equals or exceeds 25% of the borrower's employment income. However, If the documentation level recommend by DU is one or two years personal federal tax returns, at least six months of commission income must be documented on the filed tax returns for it to be used for qualifying purposes. It gives an example that if Du ask for one year tax returns you and it only shows 6 months commission you would divide by 12. I would assume than if it ask for 2 years you would divide by 24 months.
No new News from agency or the market.

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