Freddie Mac is hoping to spread information about a rule that allows people to leverage financial assets such as retirement accounts as qualifying income when applying for mortgage loans.
Individual Retirement Accounts (IRAs), 401(k)s, distributions from retirement accounts, and funds acquired from the sale of a business can all contribute to a potential borrower’s qualifying income, according to Freddie Mac.
In order to contribute to a borrower’s qualifying income, these financial assets must be accessible—meaning the borrower must not incur a withdrawal penalty when accessing them. They also cannot already be included as a source of income. Read more....
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