I have a borrower that has made an offer on a property and she’s interested in a HECM purchase loan. She doesn’t receive Social Security yet (although she was born in 1948 so she could) but she is currently employed through a temp agency earning $21/hour and working 40 hours a week. She’s had 5 years of experience in the industry (accounts receivable/collections) but has only been on this job since March of this year because she recently relocated to WA from CA. Prior to this she was a part-time caretaker for her mother in CA for 13 years. My question is, can we count her income if she’s technically a temporary employee (independent contractor)? Or would she have to be a full-time W2 employee for this to work. She’s earning $3,600/mo so she more than passes the FA if we can count the income.
With employment you need to establish history and continuance. Her recent return to work you would need to establish a prior work history and build the case of her new employment along with demand and likelihood of continuance. We may need to average her current income. We are able to use projected income, i.e. SSI, if it begins within 2 months of closing and can be documented. Hope that helps, let us know if you have further questions.