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income: Minimum Time of Employment - Fannie Mae Conventional Guidelines
- 05/02/10 03:31 PM
Fannie Mae has updated it's policy for the minimum amount of time that a borrower must be employed when qualifying for a conventional mortgage. A minimum of one pay stub will be required for all approvals. When one paystub is used to document income, the paystub should reflect at least 30 days of earnings. If the paystub does not reflect 30 days of income (for example, when the borrower has been employed only one month and the paystub reflects only 2 weeks of income), the lender should obtain additional documentation, such as a written verification of employment. The updated Fannie Mae (0 comments)