Posts: 90
Registered: ‎09-25-2008

USDA Guaranteed Income Question

Ive read that all household income is counted. Has this changed?

My LO has told me that my wife's income won't be counted since she's not on the loan. Can someone help me with what's correct?

I'm the only one on loan but if they request wife's income it will put over limit.
Current Score:EQ-660 (FICO) / TU-677 (FICO) (3/10/14)
6/8/12 Score:EQ-640 / TU-650 / EX-656 (All FICO Lender Pulls 6/8/12)
6/5/12 Score:EQ-640 / TU-638 / EX-656 (All FICO Lender Pulls 6/5/12)
6/1/12 Score:EQ-640 (FICO) / TU-618 (FICO) /EX-670 (FAKO)
Starting Score:EQ-542 TU-574 (4/30/2012)
Regular Contributor
Posts: 236
Registered: ‎08-16-2010

Re: USDA Guaranteed Income Question

USDA will need your wifes pay stubs as her income will matter for USDA only. The amount of you can borrow will be your income alone. I close on my USDA guaranteed loan on the 26th and i 'm the only one on the loan but we had to give USDA my husbands income to make sure we did not exceed the income requirement.
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

Established Contributor
Posts: 619
Registered: ‎09-26-2011

Re: USDA Guaranteed Income Question

I just switched from USDA to FHA for this very reason.  USDA wanted my estranged husband's income (he lives 1,000 miles away and we are legally separated).  I have no way of giving them the documentation they were asking for, so had to make the switch.  It stinks, but as they say, "them's the rules".

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

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