Tuesday, November 12, 2013

What are the residual income requirements for a Kentucky VA Home Loan Approval?

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 Kentucky VA Home loan approval for residual Income


Residual Income for a Kentucky VA Loan Approval
Residual income is the amount of income remaining after housing expenses, income taxes, long-term obligations and other expenses have been deducted from the borrower’s total gross pay. VA requires a specific amount of monthly residual income be available for the borrower’s use. This amount is based on the family size, location of the property and loan amount.
  • Federal, state and local taxes must be entered in DU or LP. Taxes should be calculated using the most recently published tax charts by the IRS and state or local taxing authorities. Click here for Tax tables.
  • Maintenance and utility costs may be estimated at 14 cents per square foot.
Minimum Residual Income with DTI <=41% 


http://www.mylouisvillekentuckymortgage.com/p/va-loans.html


-- 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/


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