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Residual Income Worksheet
A. LOAN DATA
- Loan Number
- Borrower Name
- Total Loan Amount
- Total Exceptions (Total Household Size)
B. INCOME Borrower Co-Borrower
- Taxable Gross Monthly Income
- Federal Deduction
- State Deduction
- Social Security Deduction
- Medicare Deduction
- Other Deductions
- Non Taxable Income
- Sub Total Income 13. Total Net Income
C. ESTIMATED MONTHLY SHELTER EXPENSES FOR SUBJECT PROPERTY
- Mortgage Payment (Principal & Interest)
- Hazard Insurance
- Property Taxes
- Maintenance and Utilities ($0.14 /square foot)
- Other (HOA, Condo Fees etc.) 19. Total Housing
D. DEBTS AND OBLIGATIONS Monthly Payment
- Total non-real estate debt (including child support and alimony)
- Total real estate debt (other than subject property)
- SubTotal Debts 23. Total Debts (Subtotal Debts + Total Housing)
E. RESIDUAL INCOME RESULTS
- Required Residential Income (See Residual Income by Region for details)
- Actual Residential Income (Total income – Total debts) 26. Pass/Fail
F. ACKNOWLEDGEMENT
Name Title Date
Loan TypeCBC CBC
Residual Income Worksheet
INSTRUCTIONS FOR COMPLETING RESIDUAL INCOME WORKSHEET
SECTIONS A. GENERAL LOAN INFORMATION
Enter loan data and borrower information.
SECTION B. MONTHLY INCOME
Item Special Instructions 5 Enter the applicant’s monthly taxable qualifying income (minus any unreimbursed expenses.) 6 -10 Enter deductions (can be found on paystub or various websites) 11 Enter non-taxed income. (Do not gross up) 12 Sub Total net income for each borrower (Gross Income minus deductions plus non taxable income) 13 Total Net income (Total net income for both borrowers)
SECTION C. ESTIMATED MONTHLY SHELTER EXPENSES FOR SUBJECT PROPERTY
Item Special Instructions 14 Enter P&I 15 Enter insurance (Include the flood insurance premium for properties located in special flood hazard areas) 16 If taxes are expected to increase, use the increased amount
17 Calculate maintenance and utility costs using 14¢ per square foot. Example: A 1500 square foot home would have a combined maintenance and utility cost of $210 (1500sq X .14)
18 For condominiums or houses in a Planned Unit Development (PUD), include the monthly amount of maintenance assessment payable to the homeowner’s association 19 Calculate total subject housing payment (add lines 14 through 18)
SECTION D. DEBTS AND OBLIGATIONS
Item Special Instructions
20
Total of all known non-real estate related debts and obligations of the applicants, including any alimony and/or child support payments. (For VA loans include child care payments.) 21 Include Real Estate related debts excluding subject property (second homes, investment properties etc.) 22 Subtotal Debts (add lines 20 and 21) 23 Total Debts including subject (add lines 19 and 22)
SECTION E – RESIDUAL INCOME RESULTS
Item Special Instructions 24 Required Residential Income (See Residual Income by Region table for details) 25 Actual Residential Income (lines 13-23)
26 If Required is greater than Actual, enter Fail If Required is less than Actual, enter Pass
BALANCE AVAILABLE FOR FAMILY SUPPORT
Enter the appropriate residual income amount from the following tables in the Guideline field. Residual
income is the amount of net income remaining (after deduction of debts, obligations and monthly shelter
expenses) to cover family living expenses such as food, health care, clothing, and gasoline.
