Transcription of CHAPTER 9: INCOME ANALYSIS
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CHAPTER 9: INCOME ANALYSIS
HB-1-3555 CHAPTER 9: INCOME ANALYSIS 7 CFR INTRODUCTION The lender is responsible to ensure applicants and households meet eligibility criteria for the SFHGLP. Lenders must determine annual, adjusted, and repayment INCOME calculations. The guidance provided applies to both manually underwritten loans and loans that utilize the Guaranteed Underwriting System (GUS). SECTION 1: ELIGIBILITY INCOME OVERVIEW The SFHGLP is intended to assist very-low, low, and moderate- INCOME households. Therefore, the lender must ensure that any household that requests a loan guarantee does not exceed the adjusted annual INCOME threshold for the applicable state and county where the dwelling is located. The Agency provides INCOME eligibility information in Appendix 5 of this Handbook to lenders, and updates the limits as they are revised. This section assists lenders to analyze INCOME types, complete INCOME calculations (annual, adjusted, and repayment), and document the INCOME with acceptable verifications.
IRS transcripts obtained directly from the IRS with all supporting schedules. The most recent tax return refers to the last return filed as determined by IRS schedule/deadlines. Lenders must continue to obtain the most recent two years of returns as applicable. USDA requires all applicants to be current on their income tax filings.
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