Did you know that USDA loans consider two types of income? Eligibility Income is the calculation that determines if you are eligible for a USDA loan, and Repayment Income is the calculation that determines if you can pay back the mortgage. For more USDA answers, contact me first!
Related Question: USDA – 2106 Expenses: My borrower receives a W2 but has 2016 expenses. How do I handle income calculation for Eligibility Income and Repayment Income? Answer: For Eligibility Income (Annual Income Calculation) the following applies: Unreimbursed Employee Expenses. The amount of unreimbursed employee expenses will be deducted from the calculation of annual income when […]