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. This section assists lenders to analyze INCOME types, complete INCOME calculations (annual, adjusted, and repayment), and document the INCOME with acceptable verifications.
• Income and asset documents and verifications cannot be greater than 120 days old at time of loan closing. Divorce decrees, income tax returns, and other documents that do not expire, will continue to have the most recent or filed copy accepted. • Applicable income and asset documents greater than 120 days old at the time of
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