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CHAPTER 9: INCOME ANALYSIS - Rural Development

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.

Income sources that will not be received for the entire ensuing 12 months must continue to be included in annual income unless excluded under 3555.152(b)(5). Examples include, but are not limited to, child support, alimony, maintenance, Social Security, etc. Annual income is the total of all income sources for a 12- month timeframe.

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