![]() Count all members of the household (without regard to the nature of the relationship) when determining "family size," including:Īn applicant's spouse who is not joining in title or on the note, andĪny other individuals who depend on the applicant for support. Whereas a substantially lower priced home purchase may not compel such expenditures.Īlso consider the ages of the applicant's dependents in determining the adequacy of residual income. For example: A family purchasing in a higher priced neighborhood may feel a need to incur higher-than-average expenses to support a lifestyle comparable to that in their environment. ![]() If residual income is marginal, look to other indicators such as the applicant's credit history, and in particular, whether and how the applicant has previously handled similar housing expense.Ĭonsider whether the purchase price of the property may affect family expense levels. Instead consider residual income in conjunction with all other credit factors.Īn obviously inadequate residual income alone can be a basis for disapproving a loan. ![]() They should not automatically trigger approval or rejection of a loan. Louisville Ky VA's minimum residual incomes (balance available for family support) are a guide. The balance remaining is "residual income" and will determine whether the borrower qualifies based on the table below. Monthly consumer debt payments: installment and revolving credit cards
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