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USDA income limits

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J_G
Regular Contributor
‎03-15-2014 08:27 AM
‎03-15-2014 08:27 AM

USDA income limits

So I am in a Union and in January I received a signing bonus it is a one time lump sum payment and I will not receive it again. Well my question is my LO added that into my income and it disqualified me for USDA garanteed . Do they have to use this?
7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669
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ShanetheMortgageMan
Super Contributor
‎03-19-2014 10:13 AM
‎03-19-2014 10:13 AM

Re: USDA income limits

If it's a signing bonus, then it would not be considered in the income amount you'd use to qualify with.  It is questionable if it'd be used to determine income eligibility though, my gut says it wouldn't since it was a 1 time thing... USDA is interested in income that is likely to continue.  May need documentation to prove you won't get it again in the future.

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