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picture1_Interest Calculation Excel Sheet 46497 | Fha Va Manual Uw Residual Income Worksheet 042814


 146x       Filetype XLSX       File size 0.04 MB       Source: www.homebridgewholesale.com


File: Interest Calculation Excel Sheet 46497 | Fha Va Manual Uw Residual Income Worksheet 042814
sheet 1 residual income calculation fhava residual income calculation worksheet this worksheet is required on the following transactions 1 credit qualifying va loans all fico scores 2 fha manual underwrites ...

icon picture XLSX Filetype Excel XLSX | Posted on 18 Aug 2022 | 3 years ago
Partial file snippet.
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)







Sheet 2: Residual Income Charts
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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...Sheet residual income calculation fhava worksheet this is required on the following transactions credit qualifying va loans all fico scores fha manual underwrites when used as a compensating factor with proposed loan amount gross monthly housing expense pitia principal amp interest b property taxes c homeowners insurance d assessments total debts obligations auto s revolving charge accounts installment maritalchild care expenses child supportalimony montly estimated maintenance utilities of home use x subject living area for sq ft would federal tax state social securitymedicare family size household count members regardless relationship to veteran from minus debt ratio divided by div charts amounts le northeast midwest south west over add each additional member up ge...

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