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Residual Income Calculation

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apeydee416
Contributor

Residual Income Calculation

So, my LO just emailed me to ask me about childcare expenses since the UW wants a residual income calculation done. (it's a FHA loan, we are not military). I think that we have more than enough income to meet our obligations, so why would that ask that? Could it be a good thing?

Message 1 of 4
3 REPLIES 3
DallasLoanGuy
Super Contributor

Re: Residual Income Calculation

thin credit file?

not much in cash reserves?

 

 

Retired Lender
Message 2 of 4
apeydee416
Contributor

Re: Residual Income Calculation

In a Ch 13, but have managed to meet the score criteria. Trustee has consented as well.
Message 3 of 4
apeydee416
Contributor

Re: Residual Income Calculation

LO said we passed that and it can be a compensating factor. Is it good that the UW didn't just flat out deny?
Message 4 of 4
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