Parsonage Income - Unlocking Loan Solutions with Radian

This episode is a part of Unlocking Loan Solutions with Radian, a micro-learning series for mortgage & real estate professionals, with video, audio, and job aid for each topic. Choose your preferred learning style and take your learning experience to a new level.Watch the VideoDownload the Job AidAll episodesIn this episode, we explore the concept of parsonage income, also known as a housing allowance, and its impact on a mortgage loan application. We will discuss:What is parsonage income and where it might come fromPotential benefits of parsonage incomeHow the GSEs treat this type of incomeDocumentation requirements for parsonage incomeExample scenarios to help better understand the use of parsonage income in a loan fileResourcesFannie Mae Selling Guide B3-3.1-01, General Income Information - Using Nontaxable Income to Adjust the Borrower’s Gross Income Fannie Mae Selling Guide B3-3.1-09, Other Sources of Income- Housing or Parsonage AllowanceFreddie Mac Selling Guide 5305.2, Specific requirements for other income types Freddie Mac Selling Guide 9202.3, Borrower income documentation for workout or relief optionsExplore more complex income types, including non-taxable sources, social security income, child support and alimony.Foundations On Demand Course: Not Your Ordinary Income Not Your Ordinary Income: Social Security BenefitsNot Your Ordinary Income: Military PaySign up for Radian National Training Updates