MPF Traditional – Income Updates
Effective Date: Immediately (unless otherwise noted)
Updated the following income requirements:
- Clarified that the income of a Borrower who has less than two-year history of self-employment may be considered as long as the non-self-employment income earned during that two-year history meets the requirements of the Selling Guide and the Borrower’s most recent signed personal and business federal income tax returns reflect a full year (12 months) of self-employment income from the current business.
- Clarified the employment offers or contract policy to reinforce that an employment offer or contract for future employment from a family member or interested party to the transaction is prohibited.
For additional information see MPF Traditional Selling Guide sections 220.127.116.11 Length of Self-Employment, 18.104.22.168 Verification of Income, and 22.214.171.124 Employment Offers or Contracts.
- MPF Announcement 2024-04