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Will Arch allow the use of commissioned income when it has been received for more than 12 months but less than 24 months?
-Will Arch allow the use of commissioned income when it has been received for more than 12 months but less than 24 months?
Yes, Arch MI allows the use of income from commissions. A minimum history of 2 years of commission income is recommended; however, commission income that has been received for 12 to 24 months may be considered as acceptable income, as long as there are positive factors to reasonably offset the shorter income history.
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Will Arch allow use of qualifying income if it begins after the loan closes?
-Will Arch allow use of qualifying income if it begins after the loan closes?
On our Standard and EZ Decisioning Programs, Arch will allow use of stable salary income from a new primary job which starts within 90 days of the note date, in accordance with Agency guidelines on this topic. The lender must obtain an executed copy of the borrower’s offer or contract to clearly document the employment income. Additional considerations and documentation/reserves apply per Agency guidelines. Please refer to the applicable sections of the Fannie Mae and Freddie Mac Selling Guides for more information.
