source:
  type: guide
  id: fnma-sel-b3-3.3-03
  authority: Fannie Mae Selling Guide B3-3.3-03 — Employment Oﬀers or Contracts
  description: Fannie Mae Selling Guide B3-3.3-03 — Employment Oﬀers or Contracts.
  coverage_tier: operative
obligations:
- id: fnma-sel-b3-3.3-03-full
  canonical_id: fnma-sel-b3-3.3-03-full
  section: Fannie Mae Selling Guide B3-3.3-03 — Employment Oﬀers or Contracts
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B3-3.3-03 — Employment Oﬀers or Contracts
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B3-3.3-03, Employment Oﬀers or Contracts (03/04/2026) If the
      borrower is scheduled to begin new employment under the terms of an employment
      oﬀer or contract, the lender may deliver the loan in accordance with one of
      the options outlined below. The following table provides requirements for employment
      oﬀers or contracts. Criteria Requirements Eligibility Option 1 Paystub Obtained
      Before Loan Delivery Option 2 Paystub Not Obtained Prior to Delivery The borrower
      must not be employed by a family member or by an interested party to the transaction.
      This option is limited to loans that meet the following criteria: • purchase
      transaction, • principal residence, • one-unit property, • the borrower must
      not be employed by a family member or by an interested party to the transaction,
      and • the borrower is qualiﬁed using only ﬁxed- base income. The borrower''s
      start date must be no earlier than 30 days prior to the note date OR no later
      than 90 days after the note date. Published May 6, 2026 321 Criteria Requirements
      Documentation The lender must obtain and review the borrower''s fully executed
      oﬀer or contract for future employment. The documentation must clearly identify
      • the employer and the borrower, • the terms of employment, including position,
      type and rate of pay, and start date. Prior to delivering the loan, the lender
      must save the most recent paystub from the borrower (that includes suﬃcient
      information to support the qualifying income based on the oﬀer or contract)
      in the loan ﬁle. Additionally, a verbal VOE is required. See B3-3.1-04, Verbal
      Veriﬁcation of Employment, for speciﬁc requirements. Alternatively, when the
      borrower''s start date is on or after the note date, the lender may obtain veriﬁcation
      directly from the employer conﬁrming all terms in the oﬀer letter remain the
      same. The lender must obtain and review the borrower''s fully executed and non-contingent
      oﬀer or contract for future employment. The documentation must clearly identify
      • the employer and the borrower, and • the terms of employment, including position,
      type and rate of pay, and start date. If conditions of employment exist, the
      lender must conﬁrm prior to closing that all conditions of employment are satisﬁed
      (either by verbal veriﬁcation or written documentation). The lender must note
      this conﬁrmation in the loan ﬁle. For a union member who works in an occupation
      that results in a series of short- term job assignments (such as a skilled construction
      worker, longshoreman, or stagehand), the union may provide the executed employment
      oﬀer or contract for future employment. Additionally, a verbal VOE is required.
      See B3-3.1-04, Verbal Veriﬁcation of Employment, for speciﬁc requirements. Alternatively,
      when the borrower''s start date is on or after the note date, the lender may
      obtain veriﬁcation directly from the employer conﬁrming the terms in the oﬀer
      letter remain the same. Income Continuance The lender is not required to verify
      continuance unless they have reason to believe the income may not continue.
      The lender is not required to verify continuance unless they have reason to
      believe the income may not continue. Published May 6, 2026 322 Criteria Requirements
      Reserve Requirements N/A In addition to the amount of reserves required by DU
      or for the transaction, the lender must document one of the following: • six
      months'' PITIA for the subject property; or • ﬁnancial resources suﬃcient to
      cover the monthly liabilities included in the DTI ratio, including the PITIA
      for the subject property, for the number of months between the note date and
      the employment start date, plus one. For calculation purposes, the lender may
      consider any portion of a month as a full month. Financial resources may include:
      ⚬ ﬁnancial reserves, and ⚬ current income, which refers to the net income that
      is currently being received by the borrower (or co-borrower), may or may not
      be used for qualifying, and may or may not continue after the borrower starts
      employment under the oﬀer or contract. For this purpose, the lender may use
      the amount of income the borrower is expected to receive between the note date
      and the employment start date. If the current income is not being used or is
      not eligible to be used for qualifying purposes, it can be documented by the
      lender using income documentation, such as the most recent paystub. A veriﬁcation
      of employment is not required. Determination of Qualifying Income The lender
      must use the monthly income amount in the oﬀer letter as qualifying income.
      The lender must use the monthly income amount in the oﬀer letter as qualifying
      income. Delivery Requirements N/A The lender must deliver the loan with Special
      Feature Code 707. Recent Related Announcements Published May 6, 2026 323 The
      table below provides references to recently issued Announcements related to
      this topic. Announcements Issue Date Announcement SEL-2026-02 March 04, 2026
      B3-3.3-04, Housing (Parsonage) and Automobile Allowances (03/04/2026) The following
      table provides requirements for housing (parsonage) and automobile allowance
      income. Criteria Requirements Documentation The lender must obtain • a completed
      Request for Veriﬁcation of Employment ( Form 1005), or • the most recent paystub
      and most recent W-2. Additionally, a verbal VOE is required. See B3-3.1-04,
      Verbal Veriﬁcation of Employment, for speciﬁc requirements. Income History A
      minimum 12-month history is required. Income Continuance The lender is not required
      to verify continuance unless they have reason to believe the income may not
      continue. Determination of Qualifying Income The lender must add the full amount
      of the allowance to the borrower''s monthly income, and not use it as an oﬀset
      of the corresponding liability. Note: The above requirements do not apply to
      military quarters'' allowance. See B3-3.3-05, Military Income, for additional
      information. Recent Related Announcements The table below provides references
      to recently issued Announcements related to this topic. Published May 6, 2026
      324 Announcements Issue Date Announcement SEL-2026-02 March 04, 2026'
  judgment: false
