source:
  type: guide
  id: fnma-sel-b3-6-01
  authority: Fannie Mae Selling Guide B3-6-01 — General Information on Liabilities
  description: Fannie Mae Selling Guide B3-6-01 — General Information on Liabilities.
  coverage_tier: operative
obligations:
- id: fnma-sel-b3-6-01-full
  canonical_id: fnma-sel-b3-6-01-full
  section: Fannie Mae Selling Guide B3-6-01 — General Information on Liabilities
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B3-6-01 — General Information on Liabilities
    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: 'B3-6-01, General Information on Liabilities (05/04/2022) Introduction
      This topic contains information on liabilities, including: General Information
      on Liabilities Published May 6, 2026 495 Monthly Obligations Not Included in
      Liabilities General Information on Liabilities The lender’s risk analysis must
      include all liabilities aﬀecting income or assets that will aﬀect the borrower’s
      ability to fulﬁll the mortgage payment obligation. A borrower’s liabilities
      include the following: housing payment (mortgage or rent) for each borrower’s
      principal residence, all revolving charge accounts, installment loan debts with
      a remaining payment term greater than 10 months, installment debts secured by
      virtual currency, lease payments, real estate loans, HELOCs, alimony and child
      support, maintenance payments, and all other debts of a recurring nature. For
      each liability, the lender must determine the unpaid balance, the terms of repayment,
      and the borrower’s payment history, and verify any other liability that is not
      shown on a credit report by obtaining documentation from the borrower or creditor.
      If the credit report does not contain a reference for each signiﬁcant open debt
      shown on the loan application—including outstanding mortgage debt, bank, student,
      or credit union loans—the lender must provide separate credit veriﬁcation. If
      a current liability appears on the credit report that is not shown on the loan
      application, the borrower should provide a reasonable explanation for the undisclosed
      debt. Documentation may be required to support the borrower’s explanation. If
      the borrower discloses, or the lender discovers, additional liabilities after
      the underwriting decision has been made, up to and concurrent with closing,
      the lender must recalculate the borrower''s debt-to-income ratio. See B3-6-02,
      Debt-to-Income Ratios and B3-6-03, Monthly Housing Expense for the Subject Property
      for additional information. Monthly Obligations Not Included in Liabilities
      Some obligations, often identiﬁed on a borrower’s paystub, are not considered
      a liability and will not be included as a debt or deducted from the borrower’s
      gross income when calculating the borrower’s debt-to-income ratio. These obligations
      include items such as Published May 6, 2026 496 federal, state, and local taxes;
      Federal Insurance Contributions Act (FICA) or other retirement contributions,
      such as 401(k) accounts (including repayment of debt secured by these funds);
      commuting costs; union dues; and voluntary deductions. Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcement Issue Date Announcement SEL-2022-04 May
      04, 2022 Announcement SEL-2020-01 February 05, 2020'
  judgment: false
