Conforming Plus Future Income Program

The Conforming Plus Future Income program allows a borrower to close a loan 120 days prior to starting their new job.

NOTE: The Future Income Program is ONLY to be used when the borrower does not start their job until AFTER the loan funds.

  • AUS Findings 
    •   Desktop Underwriter Approve/Eligible only. – All loans must receive an DU Approve/Eligible.
  • Credit
    • Minimum 620 credit score.
  • Documentation
    • Offer/Contracts of employment must be non-contingent and borrower must start employment within 120 days of note date.
    • Cash reserves are required to cover the PITI payment for the number of months between the note date and borrowers start date of employment.
  • Mortgage Insurance
    • Mortgage Insurance must be obtained through National MI, Essent, Genworth, MGIC or Radian and requires non-delegated underwriting provided by the MI company when Mortgage Insurance is required on the loan.
  • Property Eligibility
    • Eligible Properties: 1 unit SFR, Warrantable Condos or PUDs. – Ineligible Properties: 2-4 units, Manufactured Homes, Second Homes, Investment Properties.
  • Reserves 
    • The borrower must have cash reserves sufficient to cover the following: 
      1. The amount of reserves that DU requires verified. AND
      2.  Additional reserves to cover the new mortgage payment (based on PITIA) for the number of months between the note date and the borrower’s employment start date. Each partial month must be rounded up to a full month.
  • Future Income Program Eligibility Matrix:
    Conforming 1-unit Fixed Rate 97* 97* 620 DU only
    Conf / HB 1-unit Fixed Rate 95 95 620 DU only
    Conf / HB 1-unit ARM 90 90 620 DU only

    *95.01-97% LTV/CLTV/HCLTV: At least one borrower must be a first-time home buyer.

  • Contact us for more details.