HUD Provides New Flexibility For Calculating Effective Income for FHA Loan Applicants Affected by a COVID-19 Related Economic Event
CFPB Monitor
JULY 12, 2022
The guidance in the Mortgagee Letter is effective for Title II single family forward mortgage loans with case numbers assigned on or after September 5, 2022, although lenders may begin using the policies announced in the Mortgagee Letter immediately. The lender must analyze the borrower’s tax returns to determine gross Self-Employment Income.
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