How to Calculate Residual Income for a Kentucky VA Home Loan Approval

Residual Income for a Kentucky VA Home

Calculating Residual Income:

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky VA Income Guidelines

▪ Calculate the total gross monthly income of all occupying borrowers
▪ Deduct from gross monthly income the following items:
▫ State income taxes ▫ Proposed total monthly fixed payment (i.e. PITIA + MIP)
▫ Federal income taxes ▫ Estimated maintenance and utilities
▫ Municipal or other income taxes ▫ Job related expenses (e.g. childcare)
▫ Retirement or Social Security ▫ Gross upp of any Non-Taxable Income
▪ Subtract the sum of the deductions from the table above from the total gross monthly income of all members of the household of the occupying borrowers
▪ The balance is residual income
Calculating Gross Monthly Income:
▪ Gross monthly income should be calculated only for the occupying borrowers consistent with the requirements of HUD Handbook.
▪ Do not include bonus, part-time or seasonal income that does not meet the requirements for effective income as stated in HUD Handbook.
▪…

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How to Calculate Residual Income for a Kentucky VA Home Loan Approval

Calculating Residual Income:

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