Fannie Mae Selling Guide B3-3.4-07 — Foster-Care Income

fnma-sel-b3-3-4-07

Fannie Mae Selling Guide B3-3.4-07 — Foster-Care Income.

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Verbatim provisions from Fannie Mae Selling Guide B3-3.4-07 — Foster-Care Income — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Selling Guide B3-3.4-07 — Foster-Care Income

Effective 2026-03-04 · publisher's stamp for this provision

B3-3.4-07, Foster-Care Income (03/04/2026) Income received from a state-or county-sponsored organization for providing temporary care for one or more children may be considered an acceptable stable income source if the following requirements are met. Criteria Requirements Documentation The lender must obtain: • evidence of the payment amount(s) by using letters of verification from the state- or county-sponsored organization(s) providing the income, and • receipt of income documented for the most recent 12 or 24-months, based on the income history requirement below, using sources including, but not limited to: ⚬ bank statements, ⚬ canceled checks, or ⚬ other electronic receipt of payments. Income History A two-year history of providing foster-care services is expected, however, if the borrower has not received this type of income for two full years, the income may still be counted as stable income if • the borrower has at least a 12-month history of providing foster-care services, and • the income does not represent more than 30% of the total gross income that is used to qualify for the mortgage loan. Income Continuance Lenders are not required to verify continuance unless they have reason to believe the income may not continue. Determination of Qualifying Income Average Income: Depending on the historical trend of the income, the lender must calculate qualifying income as follows: • Stable or increasing: Calculate an average income amount using the most recent 12 or 24 months, based on the income history requirements above. • Decreasing: Calculate an average income amount using the most recent 12 months.

Source: Fannie Mae Selling Guide B3-3.4-07 — Foster-Care Income · source URL · snapshot 2897f21e1e729b42

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Source of record: https://claudeforcompliance.com/regs/fnma-sel-b3-3-4-07/ · register fnma-sel-b3-3-4-07 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.