Ginnie Mae insures MBSs made up of government-insured or guaranteed loans. To calculate asset depletion income for Fannie Mae, you will need to follow these steps: 1. However, Fannie Mae does allow certain exceptions to this policy for boarder income and properties with accessory units. "Fannie Mae Reports Net Income of $12. This FAQ document provides responses to common questions related to Fannie Mae’s property eligibility and appraisal policies. Stable and Predictable Income. Fannie Mae, October 2. Social Security, VA, or other government retirement or annuity. 2 $16. Verification of Retirement, Government Annuity, and Pension Income Document current receipt of the income, as verified by. (Weekly gross pay x 52 pay periods) / 12 months. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. The lender or servicer must ensure that the insurer, policy, and coverage meet Fannie Mae's requirements. 2-01, Underwriting Factors and Documentation for a Self-Employed Borrower. The lender must verify the borrower's income in accordance with Section B3–3. Fannie Mae purchases or securitizes mortgages that are secured by properties that have a business use in addition to their residential use, such as a property with space set aside for a day care facility, a beauty or barber shop, or a. They can be an essential component of a retirement plan, helping to ensure financial. The Guaranteed Minimum Withdrawal Benefit (GMWB) is a feature of certain annuity contracts. Inflation -adjusted annuities are typically offered by. m. Allowable Age of Credit Documents. Carlos T. 80% if the owner of the asset (s) being used to qualify is at least 62 years old at the time of closing. Obtain a copy of the borrower’s disability policy or benefits statement from the benefits payer (insurance company, employer, or. The lender warrants that the borrower is employed at the time the loan is delivered to Fannie Mae. Chapter B3-1: Manual Underwriting. 2-01, Underwriting Factors and Documentation for a. Income documentation as outlined in Form 710 based on income type. financial markets. The lender must verify the borrower's income in accordance with Section B3–3. 25 to determine the Borrower’s monthly gross. Learn MoreIf the borrower is financing a second home or investment property that is underwritten through DU and the borrower will have one to six financed properties, Fannie Mae’s standard eligibility policies apply (for example, LTV ratios and minimum credit scores). 01. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as adoption assistance. Funds needed to complete the. The lender must obtain. Fannie Mae and Freddie Mac offer a variety of coverage options. This type of annuity is designed to help individuals maintain their purchasing power over time, as the payments they receive will increase in response to rising prices. An ordinary annuity is a financial product that can provide a predictable and consistent income stream over a set period. 0 0 Actual/Estimated. The borrower's monthly gross income is defined as the borrower's monthly income amount before any payroll deductions and includes the following items, as. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. It's best to gather these documents ahead of time to streamline the application process. Exceptions are specified in B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report . 1-01, General Income Information (08/07/2019) CONFIDENTIAL Calculating Income 25 Documentation Fannie Mae Selling Guide Check For Investor Overlays For Timing Of Verbal VOEOpting for a lottery annuity provides several advantages, including a guaranteed income stream and reduced tax burden. Sources "B3-3. When consecutive credit documents are in the loan file, the most recent document is used. 4155. This. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization. Her previous roles included litigation partner at Jenner & Block and general counsel at Fannie Mae. Notably, Fannie Mae recognizes retirement income,. If the actual amount of federal and state taxes that would generally be. 1-09, Other Sources of Income. Perez Senior Vice President andFor borrowers putting in sweat equity to their homes for HomeReady loans, Fannie Mae no longer requires a 3% personal funds contribution nor caps the sweat equity contribution towards a down payment. For additional information, see B3-3. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. S. The lender must verify the borrower's income in accordance with Section B3–3. The payments from an ordinary annuity can be fixed or variable, and it has the potential to generate compound interest and. For depository assets (checking and savings accounts, money market funds, and certificates of deposit), DU will require the following: two consecutive monthly bank statements (60 days of account activity) for all purchase transactions, or. Vested assets in the form of stocks, government bonds, and mutual funds are acceptable sources of funds for the down payment, closing costs, and reserves provided their value can be verified. This research was conducted by Fannie Mae’s Economic and Strategic Research (ESR) and Credit Portfolio Management Analytics (CPM Analytics) groups. This requirement is. If the property has resale restrictions, see B5-5. Launch Ask Poli for Sellers . For all Servicing Guide resources, please visit guide. Regular income amount: $6,000 per month. 80% if the owner of the asset (s) being used to qualify is at least 62 years old at the time of closing. 1 $2. Earnings may not be used unless the borrower owns 100% of the business. The most common way for retirees to get a mortgage is by qualifying based on income, said certified financial planner Daniel Graff, a principal and client advisor at. Home, 60 percent. " Federal Housing Finance Agency. Fannie Mae Guidelines Employment-Related Assets as Qualifying Income 33 Asset Requirements –If the employment-related assets are in the form of stocks, bonds, and mutual funds, 70% of the value (remaining after costs for the transaction and consideration of any penalty) must be used to determine the income stream toContinuity of Income . 1-09, Other Sources of Income. These payments can be made for a predetermined period or continue for the annuity holder's lifetime. Our sample generally desired immediate over deferred annuities. Fannie Mae Short Sale . Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. Each ARM plan must offer lifetime and per. Launch Ask Poli for Sellers . An income annuity is a financial product designed to provide a steady stream of income during retirement. Tip income can be verified using a Request for Verification of Employment (Form 1005 or Form 1005 (S)), or recent paystubs and IRS W-2 forms. Funds needed to complete the. This type of annuity is designed to help individuals maintain their purchasing power over time, as the payments they receive will increase in response to rising prices. the conditions of eligibility for these loans, and features such as annuity income calculations used in these loans. Employment Documentation Provided by the Borrower’s Employer. Note: Some of these asset types. When the loan casefile is resubmitted to DU after closing and prior to delivery to Fannie Mae, the lender is responsible for ensuring that: all information provided in the final submission to DU matches the terms of the closed loan;Company to Host Conference Call. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. Total qualifying income = supplemental income plus the temporary leave income. The total qualifying income that results may not exceed the borrower's regular employment income. Requirement. Investment-linked annuities are financial products that combine the features of insurance and investment. Variable Income. Multiply the amount of the monthly net income by 1. (M SG ID 0 0 08). Continuity of Income. To be eligible as a HomeReady mortgage, the total annual qualifying income may not exceed 80% of the AMI for the property’s location. For mortgages originated for sale to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation. If income from a government annuity or pension account will begin on or before the first payment date. Effective June 12, 2023, the 2023 area median income estimates (AMIs) will be implemented in Desktop Underwriter ® (DU ® ), HomeReady ® Application Programming Interfaces (API), Loan Delivery, the Area Median Income Lookup Tool, and published on the HomeReady ®, RefiNow ®, and Duty to. For additional information, see B3-4. Fannie Mae may revoke these limited permissions by written notice to any or all Fannie Mae-approved users. In a significant policy change, Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. Tax returns are required if the borrower. The lender must obtain. When a component of the loan is validated by DU, the loan may. Assets used for the calculation of the monthly income stream must be owned individually by the borrower, or the co-owner of the assets must be a co-borrower of the mortgage loan. An example of a Fannie Mae loan An example of a Fannie Mae loan. Borrowers whose qualifying income is greater than 50% and is less than or. The lender must assess repayment or additional obligation considerations to determine the impact on borrower. an IRS 1099 form. a copy of retirement award letter or benefit statement, a copy of financial or bank account statement, a copy of signed federal income tax return, an IRS W-2 form, or. d. Contact your account team or call 1-800-2FANNIE (1-800-232-6643)and press option 1 for technology support. Selling Guide Announcement (SEL-2020-07) Dec. While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies between information provided. 1. Note: Ask Poli is an Artificial Intelligence powered search tool. Refer to Selling Guid e Announcement 09-19 for more information. Guide Resources. If the asset (s) is jointly owned, all owners must. 1-09, Other Sources of Income in December 2020. Underwriting Borrowers. (This is referred to as "Monthly Market Rent" on the Form 1007. (See B3-3. An inflation -adjusted annuity is a financial product that provides a stream of income that increases with inflation. The cash flow analysis can only consider the borrower’s share of the business income or loss, taking into consideration adjustments to business income. Components of Net Interest Income Net Worth of Fannie Mae Aggregate Indebtedness of Fannie Mae(11) Other Investments Portfolio ("OIP") N e t b I n t e r e s t I n c o m e (D o l l a r s i n b i l l i o n s) $9. For more information, see B3-3. Fannie Mae customers! Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. equivalent to 25% of the non-taxable income to the borrower’s income. mortgage credit certificates. Credit documents include credit reports and employment, income, and asset documentation. the borrower’s recent paystub and IRS W-2 forms covering the most recent two-year period. The messages used to indicate if the loan casefile may be eligible towards Fannie Mae’s low-income purchase goal, very low-. Fannie Mae Homestyle Loan . A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. Temporary leave income: $2,000 per month. Refer to the applicable topics in Chapter B3-3, Income Assessment for additional information about specific tax return requirements. While every. The sum is $900,000. NOTE: Income must be reported to Fannie Mae for all high LTV refinance loans. Obtain the following documents: a completed Form 1005, or. Sign-In Seller/Servicer ID Business Role: Looking for the servicing policy? Not a customer?. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. The purpose of scrutinizing declining bonus. Minus 10% of $500,000 ($500,000 x . When you purchase an annuity, you can choose from several payout. 501. Total qualifying income = supplemental income plus the temporary leave income. 101, Appendix. Annuity Income Watch Me! Annuity & Retirement Distribution Answer Me! Foundations On-Demand NOT YOUR ORDINARY INCOME 13 Notes: Watch Me! Annuity & Retirement DistributionConclusion. Assets used for the calculation of the monthly income stream must be owned individually by the borrower, or the co-owner of the assets must be a co-borrower of the mortgage loan. the lender must evaluate it according to Fannie Mae’s guidelines for income received from a partnership or an S corporation. com Fannie Mae Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows: Deferred Student Loans While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has. k Social Security IncomeThese guidelines describe our underwriting requirements for one-to-four family conforming conventional mortgages and can be superseded by changes made by secondary market investors, Federal NationalGROUP ANNUITIES – if you purchased your annuity through an employer 403(b) Withdrawal Request Form - Non-ERISA This form is for a participant or alternate payee to request a distribution from a 403(b) Non-ERISA annuity other than for a hardship or as a systematic withdrawal. 2$7. Income Assessment. For additional information, see FAQs: Using Income from Retirement and Employment-related Assets and B3-3. Reference: For information about non-taxable income, see HUD 4155. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Verification of Long-Term Disability Income. (Hourly gross pay x average # of hours worked per week x 52 weeks) / 12 months. When used for reserves, 100% of the value of the assets may be considered, and liquidation is not required. 50% Loan Term 180. The lender may use Fannie Mae’s Comparative Income Analysis or any other method of trend analysis that enables it to determine a business’s viability, as long as the method used fairly presents the viability of the business and results in a degree of accuracy and a conclusion that is comparable to that which would be reached by use of Form. c. 02 C Ordinance or Law Insurance. The documentation required for each income source is described below. Note: Ask Poli is an Artificial Intelligence powered search tool. These guidelines describe our underwriting requirements for one-to-four family conforming conventional mortgages and can be superseded by changes made by secondary market investors, Federal NationalGROUP ANNUITIES – if you purchased your annuity through an employer 403(b) Withdrawal Request Form - Non-ERISA This form is for a participant or alternate payee to request a distribution from a 403(b) Non-ERISA annuity other than for a hardship or as a systematic withdrawal. You'll need proof of income, such as pay stubs or tax returns, proof of assets, credit history, and more. Obtain a copy of the borrower’s disability policy or benefits statement from the benefits payer (insurance company, employer, or other qualified disinterested party) to determine. a copy of signed federal income tax return, an IRS W-2 form, or ; an IRS 1099 form. S. The total qualifying income that results may not exceed the borrower's regular. 501. The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information. For additional information, see FAQs: Using Income from Retirement and Employment-related Assets and B3-3. m. (DU®), Loan Delivery, and the Area Median Income Lookup Tool over the weekend of June 10, 2023, with an effective date of June 12, 2023. Chapter B3-4: Asset Assessment. GMWBs are designed to provide. (Biweekly gross pay x 26 pay periods) / 12 months. Income property, 80 percent, The type of mortgage loan that best fits the asset-liability. Fannie Mae has scheduled a conference call to discuss the company's results at 8:00 a. Subpart B1: Loan Application Package. 2 (b) for additional information about base non-fluctuating and fluctuating hourly earnings types. Income documentation as outlined in Form 710 based on income type. 1-09, Other Sources of Income. Home, 60 percent. Fannie Mae Reports Net Income of $12. Underwriting Borrowers. When you purchase an annuity, you can choose from several payout. Temporary leave income: $2,000 per month. HomeReady. 3-01, Stocks, Stock Options, Bonds, and Mutual Funds (06/30/2015), for determining value and whether documentation of the borrower’s actual receipt of funds is required when used for the down payment and. The following table provides the requirements for employment-related assets that may be used as qualifying income. 1-02, Standards for Employment Documentation and B3-3. Regular income amount: $6,000 per month. Verification of Long-Term Disability Income. Examples of liquid financial assets that can be used for reserves include readily available funds in. Total qualifying income = supplemental income plus the temporary leave income. While Fannie Mae does not have a stated age minimum for a borrower to use retirement income to qualify, a borrower must have unrestricted access without penalty to use income from certain types of retirement accounts, such as a 401 (K), IRA or Keogh account (which may have a minimum age requirement to have "unrestricted access"). Purchased through an insurance company or financial institution, income annuities offer guaranteed payments over a specific period or for life. To calculate asset depletion income for Fannie Mae, you will need to follow these steps: 1. Stable and Predictable Income. Social Security, VA, or other government retirement or annuity. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the. LTV. foster-care income. Asset Requirements. Biweekly. There are five main types of pension annuities: fixed, variable, indexed, immediate, and deferred. 4 $2. The servicer must determine the borrower’s housing expense-to-income ratio as outlined in Evaluating a Borrower’s Ability to Make a Cash Contribution in D2-3. The following table provides verification requirements for retirement, government annuity, and pension income. Temporary Leave Income. If the source of your income is not listed, ask your Lender for guidance. Asset Requirements. These limits vary based on location and property size. Twice monthly gross pay x 2 pay periods. Weekly. The statement must specify the income type, amount and frequency of the payment, and include confirmation of the initial start date. If the trust is established jointly, there may be more than one primary beneficiary as long as the income or assets of at least one of the individuals. The amount of funds that will be used for down payment, closing costs. Note: For loan casefiles that are not underwritten as a. 4 for additional information about income calculation requirements and guidance. For more questions on this specific. Fannie Mae has also updated some fixed income guidelines. Income Assessment. See the applicable section below for information on Social Security income. The total qualifying income that results may not exceed the borrower's regular employment income. Subpart B3: Underwriting Borrowers. Document the following: a minimum 24-month history of trust income by obtaining copies of the borrower’s signed federal income tax returns for the most recent two years, and. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. a copy of retirement award letter or benefit statement, a copy of financial or bank account statement, a copy of signed federal income tax return, an IRS W-2 form, or. The lender may use the Request for Verification of Employment (Form 1005) to document income for a salaried or commissioned borrower. It can be a useful tool for budgeting, meeting financial obligations, and planning for retirement. Tip Income Fannie Mae allows tip income to be included in qualifying income if the lender can verify that the borrower has received the income for the last two years. This applies for a one-unit property in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage if the boarder. The lender must obtain. Debt -to-Income Ratio 30. Fannie Mae has learned of a consumer fraud scam involving a person who claims to be a Fannie Mae employee contacting people offering to modify their mortgage and requesting money or gift cards. Usually, non-taxable income is worth 25% more for mortgage qualifying. an IRS 1099 form. Stable and Predictable Income. Fannie Mae does not set a minimum remaining term requirement at the time of loan purchase. Retirement, Government Annuity, and Pension Income . Borrower’s Share of Income or Loss. a cash-out refinance transaction with a DTI ratio greater than 45%. Chapter 4, Section E HUD 4155. For additional information, see B3-3. Fannie Mae customers! Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. If the Net Monthly Rental Income is a “breakeven” amount, the user must enter either $0. DU considers the following assets non-liquid assets: Cash Deposit on Sales, Net Worth of Business, Other Non-Liquid Asset, and Unsecured Borrowed Funds. Down payment. When income from temporary leave is being used to qualify for the mortgage loan, the lender must enter the appropriate qualifying income amount into DU based on the requirements provided in B3-3. Retirement income must be verified from the former employer, or from Federal tax returns. Lender must document 3–year continuance. Fannie Mae has scheduled a conference call to discuss the company's results today at 8:00 a. 1, Employment and Other Sources of Income. 2-06, Fannie Mae Flex. Explore Tools and Information to Help with Your Housing Journey. See B3-3. Guide Resources. There may be more coverage offerings. 1-09, Other Sources of Income in December 2020. $1. If rental income is claimed on Schedule K-1 can the distributions be used for qualifying purposes? In order to include a positive net rental income received through a partnership or an S corporation in the borrower’s monthly qualifying income, the lender must evaluate it according to Fannie Mae’s guidelines for income received from a. See B3-3. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. Chapter B3-2: Desktop Underwriter (DU) Chapter B3-3: Income Assessment. 80% if the owner of the asset (s) being used to qualify is at least 62 years old at the time of closing. As. If the retirement assets are in the form of stocks, bonds, or mutual funds, the account must meet the requirements of B3-4. For additional information, see FAQs: Using Income from Retirement and Employment-related Assets and B3-3. 3-01, Fannie Mae Short Sale. The servicer must determine the borrower's new modified mortgage loan terms in accordance with Determining the Fannie Mae Flex Modification Terms in D2-3. Note: The tax-exempt nature of some of the above payments should also be considered. 16, 2020 The Selling Guide has been updated to include changes to the following: Single-width manufactured. one monthly statement (30 days of account activity) for all limited cash. Verification of Income for Non-U. Total qualifying income = supplemental income plus the temporary leave income. Each Lender must determine borrower and loan eligibility in accordance. NOI. General Information. , ET,. Refer to Selling. part-time job, second job, or. Examples of liquid financial assets that can be used for reserves include readily available funds in. For example, if you receive $4,000 a month from fixed income sources and your debt and recurring payments equal $1,000, your DTI ratio is 25%. 1, Employment and Other Sources of Income. 25% Fannie. An inflation -adjusted annuity is a financial product that provides a stream of income that increases with inflation. Both are easy to find on the web and can. If the asset (s) is jointly owned, all owners. Portfolio Manager, or Fannie Mae’s Single-Family Servicer Support Center at 1-800-2FANNIE (1-800-232-6643) with any questions regarding this Lender Letter. Net proceeds from a loan against the cash value or from the surrender of a life insurance policy are an acceptable source of funds for the down payment, closing costs, and reserves. The total qualifying income that results may not exceed the borrower's regular employment income. The lender must obtain all other employment documentation as required by the Selling Guide. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as. The loan is "secured" on the borrower's property. Need additional assistance options for your down payment. By ensuring payments until the last surviving annuitant passes away, these annuities offer financial security and peace of mind for the surviving spouse. DU will require the following: a completed Request for Verification of Employment (Form 1005), the borrower's recent paystub and IRS W-2 forms covering the most recent one-year period, or. Standard Freddie Mac. Employment Documentation Provided by the Borrower’s Employer. an IRS 1099 form. Monthly Income (Sort ID 291) is to be delivered with the combined qualifying gross monthly income of all borrowers. 32). Note: Some of these asset types. (Biweekly gross pay x 26 pay periods) / 12 months. Loan applications require a lot of paperwork. Maximum LTV, CLTV, and HCLTV Ratio. b. / Retirement/ Gov't Annuity/ Pension Income; Browse. Area median income (AMI) estimates are provided to Fannie Mae by our regulator, the Federal Housing Finance Agency. 1 The risk profile of this loan casefile appear s to meet Fannie Mae's guidelines. Income Assessment. is employed by family members (two years’ returns); is employed by interested parties to the property sale or purchase (two years’ returns); The lender must verify the ownership of the account and confirm that the account is vested and allows withdrawals regardless of current employment status. an IRS 1099 form. See B3-3. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the. In some cases, Fannie Mae may require additional. Annuities can offer guaranteed income, which is particularly. Documenting Rental Income from Property Other Than the Subject Property. 1-09, Other Sources of Income . All of the following loan parameters must be met in order for employment-related assets to be used as qualifying income: Loan Parameter. Funds needed to complete the. The employment offer must clearly state the borrower has fixed base income (e. Income from Other Sources have retirement income from two different sources, sum the amounts and list the total once on the form as “Retirement”). These annuities provide investors with the opportunity to generate returns based on the performance of underlying investments, while also providing a guaranteed income stream during retirement. When a transfer of ownership occurs for a mortgage loan, obtaining the mortgage insurer’s approval is either. This blog covers just some of the basics about establishing income continuance. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Variable Income. Obtain a copy of the borrower’s disability policy or benefits statement from the benefits payer (insurance company, employer, or other qualified disinterested party) to determine. Refer to B3-3. Certain components of the loan file – income, employment, and assets – are eligible for validation by DU using electronic verification reports obtained from vendors. of this publication are granted to Fannie Mae-approved lenders, servicers, and other mortgage finance professionals, strictly for their own use in originating mortgages, selling mortgages to Fannie Mae, or servicing mortgages for Fannie Mae. HomeReady permits lower credit scores. These annuities are. Document the following: a minimum 24-month history of trust income by obtaining copies of the borrower’s signed federal income tax returns for the most recent two years, and. To gross up net income, the Servicer must: Establish the Borrower’s monthly net income in accordance with this Section 9202. the borrower's recent Leave and Earnings Statement (LES) for military income and entitlements. A borrower applies for a $500,000 mortgage at their local bank to buy a home they have under contract to purchase for $550,000. 3 for instructions on processing IRS Form 4506-C, if applicable, based onNon-Taxable Income and Its Significance. Carlos T. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. The primary beneficiary of the trust must be the individual (s) establishing the trust. Continuity of Income. Social Security, VA, or other government retirement or annuity. When consecutive credit documents are in the loan file, the most recent document.