USDA Rural Home Loan qualifying uses two different income types to determine qualification for the USDA Rural Home Loan. In the previous post we discussed Adjusted Household Income and in this post we will discuss what the USDA Rural Home Loan qualifies as Repayment Income.

The USDA considers Gross Income and Repayment Income as the same thing and is used in determining if you can afford the payment by looking at a DTI Ratio (debt to income).

USDA Rural Home Loan Repayment Income includes:

  • All income that is considered stable and dependable
  • The income of the person signing the promissory note
  • Income anticipated to last for at least 24 more months
  • At an underwriter discretion – Projected Income may be considered
  • Non-Taxable income such as child support or SSI
  • Vehicle allowances provided by an employer
  • At an underwriter discretion – Pending pay increases if documented

Understanding income can help you qualify for the USDA Rural Development Home Loan. For more information on qualifying income, please call us at 520-225-0380.

Click here to Apply for a USDA Rural Development Home Loan.

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