Lender Guidelines: 8.1 Changes in Current Income
Lender Guidelines: 8.1 Changes in Current Income
Income eligibility is based upon the current family income of the borrower(s). The commitment is issued based on verified income as of the date the commitment is issued.
Increases in income from sources already reported (i.e., salary increase) will not affect the validity of a commitment if the loan closes within 30 days from the time the commitment was issued.
If a borrower’s income increases between the execution of the TSAHC Commitment Letter and the closing date of the mortgage loan, the Lender must submit a corrected Program Affidavit through the Lender Portal for additional review. If the changes in income make the loan ineligible for purchase, the registered/locked loan will be cancelled by TSAHC.
Please email changes to commitmentdesk@bayviewloans.com
For access to the full TSAHC DPA & MCC Guidelines, please click here.