Fannie Mae's new minimum income doc requirements

Just thought I should reiterate the minimum income and employment documentation requirements coming down the pike. Listed as #5 in Monday's post on the new FNMA guidelines, effective December 13, 2008.

Income & Employment Documentation Requirements (click for FNMA announcement)

• Salary/Bonus/Overtime: The minimum documentation level required will be one current paystub and a verbal verification of employment.
• Commission/Self Employment: The minimum documentation level required will be one year’s personal federal income tax return.

Believe it or not, until recently, many of our files have only required a verbal VOE (salary/wage borrowers) or verbal VOE & independent verification of business address/phone # (self employed borrowers).