Mortgage Navigator • Conventional • Income
Seasonal income
Income can be stable even when the job itself stops during part of every year.
Fannie seasonal employment
Fannie requires a minimum two-year history for seasonal income and generally averages year-to-date earnings, when present, with the prior two years.
Seasonal unemployment
Unemployment benefits can potentially be used when they are clearly associated with recurring seasonal layoffs, expected to recur and properly documented under the agency's unemployment-income rules.
Freddie: Freddie also recognizes unemployment associated with seasonal employment within its income framework. Use its Chapter 5303/5305 requirements for history, documentation and calculation.
Official guide baseline
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide
Agency guide and AUS findings control over summaries. Lender overlays may be more restrictive.