Regulatory basis: HUD Handbook 4000.1, Section II.A.4.d(ii)(B) — Residual Income as a compensating factor for manually underwritten FHA loans. Residual income thresholds per VA Pamphlet 26-7, Chapter 4. Maintenance & utilities factor: $0.14/sq ft/mo per VA Pamphlet 26-7.
For internal use only. Not a commitment to lend. All figures subject to underwriter review.
FHA Manual Underwrite
Residual Income Worksheet
Borrower
—
Co-Borrower
—
FHA Case Number
—
Date
—
Loan Officer
—
Income & Tax Deductions
Gross Monthly Income
—
Federal Income Tax
—
State Tax
—
Social Security & Medicare
—
Housing & Obligations
Total PITI + MIP + HOA
—
Recurring Obligations
—
Maintenance & Utilities
—
Actual Residual Income
—
Guideline Threshold
Region
—
Household Size
—
Required Minimum
—
Surplus / Shortfall
—
Front-End DTI
—
Guideline: 31%
Back-End DTI
—
Guideline: 43%
Regulatory basis: HUD Handbook 4000.1, Section II.A.4.d(ii)(B). Residual income thresholds per VA Pamphlet 26-7, Chapter 4. Maintenance & utilities: $0.14/sq ft/mo per VA Pamphlet 26-7. For internal use only.
