Va Residual Income Calculation Worksheet

Name of borrower 2. Residual income vas minimum residual incomes balance available for family support are a guide.

Va Loan Residual Income Va Loan

They should not automatically trigger approval or rejection of a loan.

Va residual income calculation worksheet. Residual income looks at how much money you have leftover each month after all of your major expenses are paid. Thus the residual income limits in the chart above is for borrowers whose dti is not above 41. Va form jun 2016.

The method of calculation as well as the nature of limits of residual income and dti ratio may differ. Residual income is the amount of net income remaining after deduction of debts and obligations and monthly shelter expenses to cover family. However you can get a general idea of your residual income level using the same process as shown in the above example.

An obviously inadequate residual income alone can be a basis for disapproving a loan. Calculating your va residual income. Round all dollar amounts below to nearest whole dollar.

Supersedes va form 26 6393 nov 2012 which will not be used. Jun 29 2015. From the household paychecks.

Va residual income calculator residual income is a calculation that estimates the net monthly income after subtracting out the federal state local taxes proposed mortgage payment and all other monthly obligations such as student loans car payments credit cards etc. Cash down payment on purchase price. The heart of this is discretionary income.

Instead consider residual income in conjunction with all other credit factors. If you are unable to find your form here you may want to visit. However lenders consider them together rather than in isolation.

Va residual income and dti ratio. The va residual income can only be calculated accurately by your lenders underwriter. Residual income is a major reason why va loans have such a low foreclosure rate despite the fact that about 9 in 10 people purchase without a down payment.

Section b borrowers personal and financial status.

Va Residual Income Worksheet