USDA Elig & Adult Children in home?

coffeepleeze · ‎07-13-2013

I currently rent an apt for me and my minor daughter. My 2 adult sons just returned home, 1 from USMC (full time student now - only income VA Disability) and 1 after graduating college (working part time as subs teacher while searching for full time job). I have been preapproved for a USDA Guaranteed loan based soley upon my income. Once I purchase a home, my boys will be taking over the apartment and not moving with me. My question is once my loan app hits USDA UW, is any of the income that the boys are presently making going to make me ineligible under the income requirements? They are basically only staying with me until 1) I buy my own home and they take over apt or 2) they rent their own apt elsewhere. Fortunately/unfortunately, neither one contribute to my household income - I dont charge them rent and I'm lucky when they buy a gallon of milk lol. My LO did not ask any questions about their residency or income but I just want to anticipate what may or may not come up once I hit UW. Thanks!

Starting Score: 05/30/13 EXP 597, EQ FICO 605, TU 609
Current Score : 09/06/13 EXP 610, EQ FICO 635, TU 678

Lender Scores: 08/09/13 EXP 643, EQ FICO 629, TU 685

coffeepleeze · ‎07-14-2013

bump

Starting Score: 05/30/13 EXP 597, EQ FICO 605, TU 609
Current Score : 09/06/13 EXP 610, EQ FICO 635, TU 678

Lender Scores: 08/09/13 EXP 643, EQ FICO 629, TU 685

Genkeim · ‎07-14-2013

No, their income will not count against you. You'll have to write a letter saying they will not be moving with you. That's what we had to do. My GFs 20yr old son is currently living with her but won't be moving with us. Just had to write a LOE for the LO saying he was not moving, so he's not included on any of the paperwork.