USDA

USDA does not require Voluntary child support payments to be counted as a debt to the borrower if the payments are truly voluntary and no agreement exists.

Related Article Title: USDA – Voluntary Child Support: If child support is not court ordered and only voluntarily paid, do I need to include this in the DTI? [Divorced Borrowers Quick Comparison Chart] Answer: Voluntary payments do not need to be included in the DTI.  Beyond this it will be up to your underwriter as [...]

2019-04-21T18:53:59-05:00April 25th, 2019|Social Media Posts, USDA|

When USDA reviews maximum income, they look at it based on “anticipated income for the coming year”. If a client received a true “one-time” signing bonus and is not receiving these bonuses as part of their income, then the lender would not need to count that in the maximum income.

Related Article Title:  USDA – Income Requirements:  Does a one-time signing bonus need to be included as income for the USDA maximum income requirements? Answer: A one-time employment signing bonus is not specifically addressed in the regulations, but the following is offered in the regulations that may help you.  “Annual income is used as the [...]

2019-04-21T18:51:06-05:00April 25th, 2019|Social Media Posts, USDA|

USDA – Voluntary Child Support: If child support is not court ordered and only voluntarily paid, do I need to include this in the DTI? [Divorced Borrowers Quick Comparison Chart]

Answer: Voluntary payments do not need to be included in the DTI.  Beyond this it will be up to your underwriter as to how they will choose to interpret this part of the guidelines, and the documentation they will accept that will satisfy their requirements for due diligence. I assume that there is also no [...]

2019-05-06T18:38:13-05:00April 24th, 2019|

USDA – Income Requirements: Does a one-time signing bonus need to be included as income for the USDA maximum income requirements?

Answer: A one-time employment signing bonus is not specifically addressed in the regulations, but the following is offered in the regulations that may help you.   “Annual income is used as the basis for computing adjusted annual income and is based on anticipated income for the coming year.  Income from all adult household members, not [...]

2019-04-19T17:58:18-05:00April 24th, 2019|