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USDA Income Guidelines: 2024 USDA Eligibility for Overtime, Bonus, and Commission Income
Making the most out of your USDA loan qualifying ability requires the proper calculation of all available income!
However, because everyone is not paid the same, it is also important to understand the most recent and updated qualifying guidelines used for calculating USDA Eligibility for Overtime, Bonus, and Commission Income.
In today's video, I'll show you how to make the most out of your USDA loan qualification by reviewing the improved and increased flexibility provided for these types of income sources.
USDA Income Guidelines: 2024 USDA Eligibility for Overtime, Bonus, and Commission Income
1. 2024 USDA Income Eligibility Guidelines
As a quick review, USDA guidelines group income into two categories:
Annual income is used when calculating USDA Income Eligibility Limits.
Repayment income is used to calculate debt ratios and the USDA maximum qualifying loan amount.
The current Florida, Alabama, Tennessee, and Texas USDA annual income limits can be found here.
As for the income that can be used for determining your loan qualification, USDA provides qualifying flexibility for the foll
owing:
Overtime
Bonuses
Commissions
The good news is that these requirements have recently changed and are now greatly improved!
2. USDA Eligibility for Overtime, Bonus, and Commission Income
USDA previously required a two-year history for income that was earned from overtime, bonuses, and commissions.
However, updated USDA guidelines now only require a one-year history for us to count this income towards your USDA qualifying sales price!
While it is ideal that these types of earnings are from the same place of employment, this is not required either.
Additionally, while the continuance of this type of income will be presumed unless there is documented evidence that the income will cease, USDA guidelines will require that:
"Underwriters must analyze overtime for the current pay period and YTD earnings. Significant variances (increase or decrease) of 20 percent or greater in income from the previous 12 months must be analyzed and documented before considering the income stable and dependable."
3. How are USDA income eligibility requirements calculated?
Most of all, don't be caught up in calculation confusion! Let our USDA expertise, efficiency, and program knowledge work for you!
In fact, my team and I are built to help walk homebuyers through the USDA process step by step.
Remember, to just call, text, or email to discuss your scenario so we can show you the "Metroplex" difference!
Call/Text: 863-593-2001
(800) 806-9836 Ext 280
SeanS@MPLX.org
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