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 the loan does not close within 30 days, the “Reaffirmation of Borrower Form” (available in the “PDF Forms” tab in the Lender Portal) must be completed and uploaded to the Lender Portal.
If a borrower’s income increases between the execution of the related Program Affidavit and the closing date of the mortgage loan (and if more than 30 calendar days has elapsed since execution of the Program Affidavit), and the “Reaffirmation of Borrower” cannot be executed due to the changes, 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 reservation will be cancelled by TSAHC.
Please email changes to compliancereview@tsahc.org.
For access to the full TSAHC DPA & MCC Guidelines, please click here.