USDA Income question

[timeforrepair]

Good Afternoon,

 I live in NC and the max income for my area is $78,800. I am under that for 2011 and 2012, but my current year i will probably exceed this, So will they base the Income off last years W-2 or what your current pace is? ie what you may project to make in 2013?

[MissLindsayP]

I believe you can make 115% of the median income for your area.  But yes, they will use paystubs to project your 2013 annual earnings.

[CaseyP]

Hello, 

I just got my w2s and paystubs calculated by a loan officer for a USDA guaranteed loan.

I am also in North Carolina.

The Loan Officer looked at my year to date for 2013, looked at the payment period of that check (3-17 was the last day on that check)

She then looked at my w2 and my total income for 2012.

She added my total income from 2012 with my year-to-date income for 2013, and divided it by the total number of months...12 for 2012 and 3.5 from 2013, to generate an average.

So your 2012 income might help pull down your average below the limit?

Good luck.