Transcription of CHAPTER 9: INCOME ANALYSIS - USDA Rural Development
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CHAPTER 9: INCOME ANALYSIS - USDA 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. The Agency provides INCOME eligibility information in Appendix 5 of this Handbook to lenders, and updates the limits as they are revised.
A household member is defined as all persons routinely living in the dwelling as a principal residence, except for live in aides, foster children, and foster adults (3555.10). If a member of the household that will make the dwelling their principal residence is temporarily absent, their income must be included.
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