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Question about Rural Development for any Lenders?
Posted on 8/1/09 at 8:50 am
Posted on 8/1/09 at 8:50 am
The max is 73,500 I believe for gross annual pay. Do lenders have to factor in an annual Christmas bonus that is recurring and overtime that is not guarenteed <--(sp)?
1
Posted on 8/2/09 at 12:08 pm to bubbz
To answer your question as best as I can... yes & no. The underwriter for the lender will use the lower end of the income and Rural Development will use the higher end that you are "trending" to. If you have any kids you can deduct child care from your income AND is your home has 5+ the income max goes to $97,100 and the income is based on ALL people who live in the house... so be careful.
RD is a REALLY good program, but it does have some "hoops" that you have to jump through... good luck
RD is a REALLY good program, but it does have some "hoops" that you have to jump through... good luck
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