source:
  type: guide
  id: fhlmc-5303.2
  authority: Freddie Mac Single-Family Seller/Servicer Guide Section 5303.2 — Income
    commencing after the Note Date
  description: Freddie Mac Single-Family Seller/Servicer Guide Section 5303.2 — Income
    commencing after the Note Date.
  coverage_tier: operative
obligations:
- id: fhlmc-5303.2-full
  canonical_id: fhlmc-5303.2-full
  section: Freddie Mac Single-Family Seller/Servicer Guide Section 5303.2 — Income
    commencing after the Note Date
  type: do
  tags:
  - regulator-direct
  - fhlmc
  - freddie-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide Section 5303.2 — Income
      commencing after the Note Date
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/ci-guide
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-05-23T00:27:40Z'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '5303.2: Income commencing after the Note Date (05/06/26) For
      Borrowers starting new employment or receiving a future salary increase from
      their current employer, income commencing after the Note Date may be considered
      a stable source of qualifying income if either all requirements for option one,
      or all requirements for option two in the following table are met. Income commencing
      after the Note Date Topic Option one Option two Eligible employment Employment
      and income must meet the Employment and income must meet the following requirements:
      Freddie Mac Single-Family Seller/Servicer Guide Chapter 5303 As of 05/06/26
      Page 5303-42 Income commencing after the Note Date Topic Option one Option two
      and income following requirements: ■ Income must be from new primary employment
      or a future income increase with the current primary employer ■ Income must
      be non-fluctuating and salaried or hourly (e.g., fluctuating hourly earnings
      are not permitted) ■ Hourly earnings from a new employer may only be used to
      qualify when there is a guaranteed minimum number of weekly hours ■ Hourly earnings
      from the current employer with a future increase in the pay rate may only be
      used to qualify when documentation in the Mortgage file demonstrates that current
      and future hours do not fluctuate ■ The employer must not be a family member
      or an interested party to the real estate or Mortgage transaction ■ Income must
      be from new primary employment ■ Income must be non-fluctuating and salaried
      or hourly (e.g., fluctuating hourly earnings are not permitted) ■ Hourly earnings
      from a new employer may only be used to qualify when there is a guaranteed minimum
      number of weekly hours ■ Hourly earnings from the current employer with a future
      increase in the pay rate may only be used to qualify when documentation in the
      Mortgage file demonstrates that current and future hours do not fluctuate ■
      The employer must not be a family member or an interested party to the real
      estate or Mortgage transaction ■ As of the Delivery Date, the income must be
      no less than that used to qualify the Borrower for the Mortgage Start date of
      the new employment or future salary ■ Must be no later than 90 days after the
      Note Date ■ May be before or after the Delivery Date ■ No limit on the number
      of days after the Note Date ■ Must be before the Delivery Date Freddie Mac Single-Family
      Seller/Servicer Guide Chapter 5303 As of 05/06/26 Page 5303-43 Income commencing
      after the Note Date Topic Option one Option two increase, as applicable Eligible
      Mortgage purpose ■ Purchase transaction ■ “No cash-out” refinance ■ Purchase
      transaction ■ “No cash-out” refinance ■ Cash-out refinance Eligible Mortgaged
      Premises 1-unit Primary Residence ■ 1- to 4-unit Primary Residence ■ Second
      home ■ 1- to 4-unit Investment Property Verification of additional funds ■ In
      addition to funds required to be paid by the Borrower and Borrower reserves,
      the Seller must verify additional funds in the Borrower’s depository and/or
      securities account(s) that equal no less than the sum of the monthly housing
      expense, as described in Section 5401.1, and other monthly liabilities, as described
      in Section 5401.2, multiplied by the number of months between the Note Date
      and the start date of the new employment/future salary increase, plus one additional
      month. A partial month is counted as one month for the purpose of this None
      Freddie Mac Single-Family Seller/Servicer Guide Chapter 5303 As of 05/06/26
      Page 5303-44 Income commencing after the Note Date Topic Option one Option two
      calculation. ■ The amount of the required additional funds, as described above,
      may be reduced by the amount of verified gross income that any Borrower on the
      Mortgage is expected to receive between the Note Date and the start date of
      the new employment, whether or not this income is used to qualify for the Mortgage
      or is expected to continue after the start date of the new employment/future
      salary increase. Freddie Mac Single-Family Seller/Servicer Guide Chapter 5303
      As of 05/06/26 Page 5303-45 Income commencing after the Note Date Topic Option
      one Option two Sellers may use the following worksheet to assist with the additional
      funds calculation: Calculation for verification of additional funds worksheet
      1 Total monthly housing expense (Section 5401.1) $ _______ 2 Monthly debt payment
      (Section 5401.2) $ _______ 3 Line 1 + Line 2 $ _______ 4 Number of months between
      Note Date and start date of new employment/future salary increase (a partial
      month = 1 month) + 1 month _______ 5 (Line 3) x (Line 4) $ _______ 6 Borrower’s
      verified gross income expected between Note Date and start date of new employment
      $ _______ 7 Line 5 – Line 6 $ _______ (This is the amount of additional funds
      the Seller must verify) Required documentation ■ Copy of the employment offer
      letter, employment contract or other evidence of the future income increase
      from the current employer that meets all of the ■ Copy of the employment offer
      letter or employment contract that meets all of the following requirements:
      ❑ Fully executed and accepted by the Borrower Freddie Mac Single-Family Seller/Servicer
      Guide Chapter 5303 As of 05/06/26 Page 5303-46 Income commencing after the Note
      Date Topic Option one Option two following requirements: ❑ Fully executed and
      accepted by the Borrower ❑ Non-contingent or provide documentation, such as
      a letter or e-mails from the employer verifying all contingencies1 have been
      cleared ❑ Includes the terms of employment, including employment start date,
      guaranteed minimum number of weekly hours, if applicable, and annual income
      based on non- fluctuating earnings. Note: Hourly earnings from a new employer
      may only be used to qualify when there is a guaranteed minimum number of weekly
      hours. ■ For a future income increase with the Borrower’s current employer,
      the above documentation must indicate the increase is fully approved and is
      explicitly granted to the Borrower ■ 10-day pre-closing verification (PCV) verifying
      the terms of the employment offer letter, contract or future income increase
      have not changed (refer to ❑ Includes the terms of employment, including, but
      not limited to, employment start date and annual income based on non- fluctuating
      earnings. Note: Hourly earnings from a new employer may only be used to qualify
      when there is a guaranteed minimum number of weekly hours. ■ 10-day PCV verifying
      the terms of the employment offer letter, contract or future income increase
      have not changed (refer to Section 5302.2(d)) ■ Paystub, written verification
      of employment (VOE) or a third- party employment verification supporting the
      income used for qualifying the Borrower Freddie Mac Single-Family Seller/Servicer
      Guide Chapter 5303 As of 05/06/26 Page 5303-47 Income commencing after the Note
      Date Topic Option one Option two Section 5302.2(d)) ■ Documentation of additional
      funds, as required above 1 A probationary period of time after employment starts
      (e.g., 90-day probationary, training or orientation period) is not considered
      a contingency.'
  judgment: false
