Foster Income for a Kentucky Mortgage
Yes, if it can be documented that foster care income has been received for the last 2 years that income is likely to continue for at least 3 years from the date of the Note, then it can be used to qualify. If it can be verified that income is not taxable, it can be grossed up per 4000.1 II.A.4.c.xii.(P) or II.A.5.b.xii.(P) by either borrower's actual tax rate or 115% whichever is lower.
Yes, we need to show 24 moths receipt of this income, possible exception if only received for 12 months, and we would need something from the agency showing this will continue for 3 years.
Foster-Care Income for a Mortgage Loan Approval
What are the guidelines?
Income received from a state- or county-sponsored organization for providing temporary care for one or more children may be considered acceptable stable income if the following requirements are met.
|✓||Verification of Foster-Care Income|
|Verify the foster-care income with letters of verification from the organizations providing the income.|
|Document that the borrower has a two-year history of providing foster-care services. If the borrower has not been receiving this type of income for two full years, the income may still be counted as stable income if|
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.