146x Filetype XLSX File size 0.04 MB Source: www.homebridgewholesale.com
Sheet 1: Residual Income Calculation
FHA/VA: Residual Income Calculation Worksheet | ||||||||||
This worksheet is required on the following transactions: | ||||||||||
1. Credit Qualifying VA Loans (all FICO scores) | ||||||||||
2. FHA Manual Underwrites when residual income is used as a compensating factor | ||||||||||
3. FHA Credit Qualifying loans with 580-619 FICO scores | ||||||||||
Proposed Loan Amount | $- | |||||||||
1. Gross Monthly Income | $- | (1) | ||||||||
2. Monthly Housing Expense (PITIA) | ||||||||||
a. Principal & Interest | $- | |||||||||
b. Property Taxes | $- | |||||||||
c. Homeowners Insurance | $- | |||||||||
d. Assessments | $- | |||||||||
TOTAL | $- | (2) | ||||||||
3. Monthly Debts & Obligations | ||||||||||
a. Auto Loan(s) | $- | |||||||||
b. Revolving Charge Accounts | $- | |||||||||
c. Installment Loans | $- | |||||||||
d. Marital/Child Care Expenses (Child Support/Alimony) | $- | |||||||||
TOTAL | $- | (3) | ||||||||
4. Montly estimated Maintenance & Utilities of the home. | $- | (4) | ||||||||
Use 14₵ x subject property gross living area. | ||||||||||
(For a 1000 sq. ft. home this would total $140.00) | ||||||||||
5. Monthly Income Taxes | ||||||||||
a. Federal Income Tax | $- | |||||||||
b. State Income Tax | $- | |||||||||
c. Social Security/Medicare | $- | |||||||||
TOTAL | $- | (5) | ||||||||
6. Residual Income | ||||||||||
a. Amount required for family size | $- | (6) | ||||||||
Household Size # (count all members of the household | ||||||||||
regardless of the relationship to the veteran) | ||||||||||
b. From worksheet (1) minus (2,3,4,5) | $- | |||||||||
7. Debt to Income Ratio (2) + (3) divided by (1) | #DIV/0! | (7) |
Loan Amounts ≤ 79,999 | ||||
Family Size | Northeast | Midwest | South | West |
1 | $390 | $382 | $382 | $425 |
2 | $654 | $641 | $641 | $713 |
3 | $788 | $772 | $772 | $859 |
4 | $888 | $868 | $868 | $967 |
5 | $921 | $902 | $902 | $1,004 |
Over 5 | Add $75.00 for each additional family member up to 7. | |||
Loan Amounts ≥ 80,000 | ||||
Family Size | Northeast | Midwest | South | West |
1 | $450 | $441 | $441 | $491 |
2 | $755 | $738 | $738 | $823 |
3 | $909 | $889 | $889 | $990 |
4 | $1,025 | $1,003 | $1,003 | $1,117 |
5 | $1,062 | $1,039 | $1,039 | $1,158 |
Over 5 | Add $80.00 for each additional family member up to 7 |
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