Sheet 1: Residual Income Calculation

	
	
	
	
	
	

		

 
		
		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		
FHA/VA: Residual Income Calculation Worksheet 
		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
This worksheet is required on the following transactions:
		


		


		


		


		


		


		


		


		


		


	
	

		
1. Credit Qualifying VA Loans (all FICO scores)
		


		


		


		


		


		


		


	
	

		
2. FHA Manual Underwrites when residual income is used as a compensating factor
		


		


		


		


		


		


		


		


		


		


	
	

		
3. FHA Credit Qualifying loans with 580-619 FICO scores
		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
Proposed Loan Amount
		


		
 $-   
		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
1. Gross Monthly Income
		


		
 $-   
		
(1)
		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
2. Monthly Housing Expense (PITIA)
		


		


		


		


		


		


		


		


		


		


	
	

		
     a.  Principal & Interest
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     b.  Property Taxes
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     c.  Homeowners Insurance
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     d.  Assessments
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
TOTAL
		


		
 $-   
		
(2)
		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
3. Monthly Debts & Obligations
		


		


		


		


		


		


		


		


		


		
 
	
	

		
     a.  Auto Loan(s)
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     b.  Revolving Charge Accounts
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     c.  Installment Loans
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
     d.  Marital/Child Care Expenses (Child Support/Alimony)
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
TOTAL
		


		
 $-   
		
(3)
		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
4. Montly estimated Maintenance & Utilities of the home. 
		


		
 $-   
		
(4)
		


		


		


		


		


		


		


	
	

		
      Use 14₵ x subject property gross living area.
		


		


		


		


		


		


		


		


		


		


	
	

		
     (For a 1000 sq. ft. home this would total $140.00)
		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
5. Monthly Income Taxes
		


		


		


		


		


		


		


		


		


		


	
	

		
    a.  Federal Income Tax
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
    b.  State Income Tax
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
    c.  Social Security/Medicare 
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
TOTAL
		


		
 $-   
		
(5)
		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
6. Residual Income
		


		


		


		


		


		


		


		


		


		


	
	

		
     a.  Amount required for family size
		


		
 $-   
		
(6)
		


		


		


		


		


		


		


	
	

		
          Household Size # (count all members of the household
		


		


		


		


		


		


		


		


		


		


	
	

		
          regardless of the relationship to the veteran)
		


		


		


		


		


		


		


		


		


		


	
	

		
     b.  From worksheet (1) minus (2,3,4,5)
		


		
 $-   
		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
7. Debt to Income Ratio (2) + (3) divided by (1)
		


		
#DIV/0!
		
(7)
		


		


		


		


		


		


		


	



Sheet 2: Residual Income Charts

	
	
	
	
	
	

		
Loan Amounts ≤ 79,999
		
	

		
Family Size
		
Northeast
		
Midwest
		
South
		
West
	
	

		
1
		
$390 
		
$382 
		
$382 
		
$425 
	
	

		
2
		
$654 
		
$641 
		
$641 
		
$713 
	
	

		
3
		
$788 
		
$772 
		
$772 
		
$859 
	
	

		
4
		
$888 
		
$868 
		
$868 
		
$967 
	
	

		
5
		
$921 
		
$902 
		
$902 
		
$1,004 
	
	

		
Over 5
		
Add $75.00 for each additional family member up to 7.
		
	

		


		


		


		


		


	
	

		
Loan Amounts ≥ 80,000
		
	

		
Family Size
		
Northeast
		
Midwest
		
South
		
West
	
	

		
1
		
$450 
		
$441 
		
$441 
		
$491 
	
	

		
2
		
$755 
		
$738 
		
$738 
		
$823 
	
	

		
3
		
$909 
		
$889 
		
$889 
		
$990 
	
	

		
4
		
$1,025 
		
$1,003 
		
$1,003 
		
$1,117 
	
	

		
5
		
$1,062 
		
$1,039 
		
$1,039 
		
$1,158 
	
	

		
Over 5
		
Add $80.00 for each additional family member up to 7