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Click ‘Get Form’ to open the non-borrower financial contribution form in the editor.
Begin by entering the name of the non-borrower in the designated fields: First, Middle, Last. Ensure accuracy for proper identification.
Fill in the date of birth and Social Security number. This information is crucial for verification purposes.
Indicate whether your income has been used in a previous evaluation for a Home Affordable Modification Program trial period plan by selecting 'Yes' or 'No'.
If applicable, answer if you have had a modification through the Home Affordable Modification Program on any other property you own.
Provide the start date of your primary job to establish employment history.
Answer whether you will contribute all of your income to household expenses and mortgage payments. If not, specify the amount you will contribute monthly.
Finally, sign and date the form at the bottom to confirm your agreement with the statements provided.
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The non-borrower contributor is an owner on the title to the property or will be added as an owner to the title to the property. The non-borrower contributor assuming the loan will not release any borrower from liability on the mortgage note.
What is the borrower contribution for Fannie Mae?
The borrower must make a 5% minimum borrower contribution from their own funds. After the minimum borrower contribution has been met, grants can be used to supplement the down payment, closing costs, reserves, and energy-related improvements.
What is a non-borrower contribution?
The non-borrower contributor is an owner on the title to the property or will be added as an owner to the title to the property. The non-borrower contributor assuming the loan will not release any borrower from liability on the mortgage note.
What does non-borrower household income mean?
∎ Non-Borrower Household Income. These are people who live in the house who will not be borrowers on the mortgage. Permitted as a compensating factor in to allow a Debt to Income (DTI) ratio 45%, up to 50%
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Servicing Expenses made but not reimbursed by the applicable Borrower or Obligor (including payments made from the applicable Existing Servicers own funds)
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