Residual Income Certification
ADVERTISEMENT
1Residual Income Certification
For Non‐QM loans that are subject to Ability to Repay (ATR) rules
[ This form follows the methodology of the Department of Veteran's Affairs (VA) ]
Please make all entries in Blue Fields
below
Loan Amount:
$
‐
Borrower Name:
Family Size:
0
Property Address:
(Total # of persons in the Household)
Gross Monthly Taxable Income:
1
Combined Borrower 1 and Borrower 2
$
‐
a)
Total:
$
‐
Monthly Housing Expense PITI:
2
Principal and Interest Payment
$
‐
a)
Subordinate P&I payment
$
‐
b)
Property taxes
$
‐
c)
All Insurance (Hazard, flood, HO‐6, MI)
$
‐
d)
HOA dues
$
‐
e)
Total:
$
‐
Monthly Debts and Obligations:
3
Intallment loans (autos, leases, etc.)
$
‐
a)
Revolving accounts
$
‐
b)
Child Care *
c)
State of residence (abbreviation)
Number of non school‐age dependents
Or other amount (certified by borrower)
$
‐
Alimony/child support
$
‐
d)
Other
$
‐
e)
Total:
$
‐
Monthly Maintainenance & Utilities:
4
Total Square footage of Subject Property (Gross Living Area)
‐
a)
Square footage X 14 cents per square foot
$
‐
b)
Total:
$
‐
5
Monthly Income Taxes:
Based on tax returns (using applicable %) or tax tables
Federal income tax
$
‐
a)
State income tax
$
‐
b)
Social Security **
$
‐
c)
Medicare **
$
‐
d)
Other Taxes (specify)
$
‐
e)
Total:
$
‐
Non‐Taxable Income
6
Combined Borrower 1 and Borrower 2 ***
$
‐
a)
Total:
$
‐
Actual Borrower Residual Income = (1) less/plus (2), (3), (4), (5), (6):
Total:
$
‐
7
8
Residual Income Requirement Calculation:
Amount required per Residual Income Table on Instructions tab
$
‐
a)
Jumbo Plus (Non‐QM) additional residual requirement
$
1,250
b)
Total:
$
(1,250)
Total Residual Income Over/(Under) the Required Residual = (7) plus (8)
$
(1,250)
9
Net Residual Income must be positive
Correspondent Seller Name:
(By)
(Date)
Prepared by:
(By)
(Date)
Please see the Child Care Cost tab for further instructions
*
Deductions for self‐employed borrowers must be calculated to include both the borrower's portion of Social Security and Medicare and the employer's
**
contribution of these items
***
Non‐taxable income may or may not be subject to Social Security and/or Medicare deductions
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business