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Message
re: Closing Cost on a Rural Development Loan
Posted on 3/22/12 at 7:01 pm to I Love Bama
Posted on 3/22/12 at 7:01 pm to I Love Bama
Im looking to buy one to and was "told" anything under 200k that closing would not be more than 5k. Btw does anyone know how they figure your income? Cause im close to the limit so do they take your year to date and divide it by what week we in and multiply it by 52? Or do they use a certain calculation?
1
Posted on 3/22/12 at 7:43 pm to blades8088
quote:
blades8088
They use 2 calculations. One to see if you make too much money, the other to see if you make too much money.
You can see if this helps you for the too much money calculation LINK
For the too much calculation, they will use bonus and overtime, even if you do not have a 2 year track record, which is required to calculate it into the enough income calculation. Essentially, if they show you will make too much money next year, then they will disqualify you
Closed one a while back where the borrower just came in under the limit by 200 per year.
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