Unlocking Loan Solutions with Radian: Parsonage Income

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.

- Listen to the Podcast: https://www.buzzsprout.com/948847/14293761
- Download the Job Aid: https://www.radian.com/-/media/Files/Enterprise/Training/QRG/uls-jobaid-parsonage-income?utm_source=training&utm_medium=video-description&utm_campaign=uls-parsonage
- All episodes: https://www.radian.com/news-and-knowledge/training/unlocking-loan-solutions?utm_source=training&utm_medium=video-description&utm_campaign=uls-parsonage

In 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 from
- Potential benefits of parsonage income
- How the GSEs treat this type of income
- Documentation requirements for parsonage income
- Example scenarios to help better understand the use of parsonage income in a loan file


Resources

- Fannie Mae Selling Guide B3-3.1-01, General Income Information - Using Nontaxable Income to Adjust the Borrower’s Gross Income: https://selling-guide.fanniemae.com/sel/b3-3.1-01/general-income-information#P1836
- Fannie Mae Selling Guide B3-3.1-09, Other Sources of Income- Housing or Parsonage Allowance: https://selling-guide.fanniemae.com/sel/b3-3.1-09/other-sources-income#P2036
- Freddie Mac Selling Guide 5305.2, Specific requirements for other income types: https://guide.freddiemac.com/app/guide/section/5305.2#N5305_2_HPA_040319
- Freddie Mac Selling Guide 9202.3, Borrower income documentation for workout or relief options: https://guide.freddiemac.com/app/guide/section/9202.3


Explore more complex income types, including non-taxable sources, social security income, child support and alimony.

- Foundations On Demand Course: Not Your Ordinary Income: https://www.radian.com/news-and-knowledge/training/foundations-on-demand/income/not-your-ordinary-income?utm_source=training?utm_medium=video-description&utm_campaign=uls-parsonage
- Not Your Ordinary Income: Social Security Benefits: https://videos.radian.com/watch/8bxejaL2Yk8z6rK5yKMgd4?
- Not Your Ordinary Income: Military Pay: https://videos.radian.com/watch/hEc5ukH4nxiF1mTPyEF2qW?


Sign up for Radian National Training Updates: https://www.radian.com/connect-with-us?utm_source=training&utm_medium=video-description&utm_campaign=uls-parsonage