Kentucky USDA Rural Development Guaranteed Housing Loan Income Worksheet for 2014

KENTUCKY RURAL HOUSING INCOME ELIGIBILITY CALCULATION WORKSHEET

Kentucky USDA Rural Development Guaranteed Housing Loan

INCOME ELIGIBILITY CALCULATION WORKSHEET  USDA Rural Development Guaranteed Housing Loan
KENTUCKY INCOME ELIGIBILITY CALCULATION WORKSHEET
USDA Rural Development Guaranteed Housing Loan

 

 

 

 

 

 
Borrower/s ____________________________________________________________
Date of Calculation__________ Total # household members = _________
State:_________________________ County:______________________________

List all non-exempt household income: (Per §1980.347)
Name of household member receiving the income
Source of income Monthly income from source
(Actual or Average)
X12
Annual income
from source
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________

Total Gross Household Income $______________ X12 $______________

Total Monthly Total Annual
Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit):
(1) Number of Minors living in household: ___X $480.00 (Under age 18) $_____________
(2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________
(3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers) $_____________
(4) Elderly Family: (borrower or co-borrower over 62) One time deduction of $400.00 $_____________
(5) Annual Child Care Expense $_____________
(6) Medical expenses (Elderly family only. Un-reimbursed >3% gross annual income) $_____________

TOTAL Annual Deductions (Sum of Line 1 thru Line 6) $_____________
Adjusted Gross Annual Household Income (Gross income less deductions) $____________

ADJUSTED COUNTY HOUSEHOLD INCOME LIMIT per Rural Development $____________
Kentucky USDA and Rural Housing Income limits are available at:

http://www.rurdev.usda.gov/SupportDocuments/KY%20GRH.pdf

DEDUCTIONS FOR CALCULATING  ADJUSTED FAMILY INCOME

Deductions From
Annual Income Deduct For: Do Not Deduct For:__________________________________

$480 for each (A) Minors (under 18 years of age) Applicant/Borrower, Spouse, Foster Children, or member of the Children of Non-family members.
family residing in the household. (B) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.

(C) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.
who are full-time students.
______________________________________________________________________________________________________

$400 for elderly (D) Head, Spouse or Sole Member who family. is a senior citizen, disabled or handicapped and is the applicant/
borrower.

(E) Two or more unrelated senior Family, if one or more of those living in the house-
citizens, disabled or handicapped hold is not a senior citizen, disabled or handicapped.
persons living together, at least one
is the applicant/borrower.

(F) Survivors of deceased FmHA senior Survivors after remarriage of the deceased borrowers citizen, disabled or handicapped spouse. borrower who occupied the dwelling
at the time of the borrower’s death.
______________________________________________________________________________________________________

Care of minors 12 years (G) Anticipated expenses to be paid for (a) Amount paid in excess of amount received from of age or foster children care of member of the family to be such employment. or children of non-family gainfully employed. (b) Payments made to dependents of the applicant/ members. borrower.
(H) Anticipated expenses paid for care of
minor(s) to enable a member of the Payments made to dependents of the applicant/
family to further his/her education. borrower.
______________________________________________________________________________________________________

Aggregate medical (I) Planned general medical and dental Accumulated bills in excess of planned payments for expenses of the house- expenses of an elderly family for the ensuing 12 months. hold in excess of 3% of ensuing 12 months which are not gross annual income. covered by insurance (eg., medicines, medical insurance premiums, costs of nursing care, payment of accumulated medical bills, and cost of full-time nursing or institutional care which cannot be provided in the home).

(J) Reasonable attendant care and auxiliary Cost already deducted for same user member of apparatus and equipment expenses to elderly family. enable any handicapped/disabled
member of a household (not just an elderly family) to be employed.
_________________________________________________

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

GUARANTEED HOUSING PROGRAM INCOME LIMITS
GUARANTEED HOUSING PROGRAM INCOME LIMITS

Shut-down Slams Door on USDA Mortgages

The week-old federal government shutdown is a disaster on many levels. For rural America, one major impact is in the area of housing.For the near future, low- and moderate-income homebuyers who have applied for mortgages guaranteed or made directly by the U.S. Department of Agriculture (USDA) Rural Housing Service are out of luck. So are very low-income homeowners seeking repair grants or loans.The financing these homebuyers need cannot close because no USDA rural housing staff are working at the local level. Banks make the guaranteed loans, which are like the mortgages insured by the Veterans Administration or the Federal Housing Administration. But USDA staff have to approve the guarantees and provide the necessary paperwork to the lender before the loan can be issued. With no staff, there can be no approvals.

via Shut-down Slams Door on USDA Mortgages.

via Shut-down Slams Door on USDA Mortgages.

Changes for USDA rural development housing loans – kentucky rhs loan

Changes for USDA rural development housing loans – Kentucky rhs loan

Rural Development may continue to process applications on hand received prior to the time an area has been determined to be not “rural”. Complete Single Family Home Direct and Guaranteed loan applications submitted on or before Sept. 30, 2013, will not be subject to the new rural area designations, providing the application is complete. Applications received by close of business on Sept. 30, and processed on/after Oct. 1, will be subject to the newly designated rural areas if the application is incomplete.

USDA Announces Commodity Credit Corporation Lending Rates for August 2013

USDA Announces Commodity Credit Corporation Lending Rates for August 2013.

How do you qualify for a USDA Mortgage if you are self-employed?

USDA Home Loans for the Self-Employed

 

Kentucky USDA Rural Housing Mortgage Loans
Kentucky USDA Rural Housing Mortgage Loans

 

 

 

 

 

 

Looking for a home loan when you are self-employed can be a bit challenging but a USDA loan may be a great option. Many banks and lenders shy away from this type of loan due to the complex nature and experience that it requires. These scenarios can be complicated but with proper analysis and documentation the outcome can be successful. This short video will explain how to qualify for a USDA home loan if you are self-employed.

via How do you qualify for a USDA Mortgage if you are self-employed?.

Who are considered self-employed when applying for a USDA loan?

• 1099 Contractors are considered self-employed
• W2 Employees who are 100% commissioned
• Converting from a self-employed to a W2 employee can be acceptable

What are the USDA guidelines for the self-employed?

Minimum guidelines require that a self-employed borrower must have 2 years of self-employment history. Common documents that will be needed for verification purposes include articles of incorporation when applicable and at least 2 years of both business and personal tax returns. Also, keep in mind your tax returns should include all pages and schedules. If you filed an extension, make sure to have the signed extension available for underwriting.

Tax return documentation includes but not limited to:

• Business tax returns for corporations
• Schedule C for sole proprietors
• Partnership details if applicable
• Signed extensions when necessary
• Year to Date Profit & Loss Statement
• Year to Date Balance Sheet

What are the USDA home loan income limits for the self-employed?

As with all USDA home loans, income limits will apply and qualifying income for a USDA home loan for the self-employed is based on your adjusted income. The adjusted income is calculated after expenses are deducted. Your qualifying income is not based on gross commissions or your total sales. When following USDA guidelines for self-employment, alternative income documentation such as bank statements showing deposits are not acceptable. Read more about the USDA eligibility requirements for the self-employed.

We realize that qualifying when you are self-employed may seem overwhelming, but we offer the unique experience and expertise to help with each step of the process.

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346
Rural Housing Mortgage Loans in Kentucky
Rural Housing Mortgage Loans in Kentucky
Kentucky USDA Rural Housing Home Loans1 100% Financing in Kentucky for Home Loans
Kentucky USDA Rural Housing Home Loans 1
100% Financing in Kentucky for Home Loans
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