Usda Income Worksheet Form PDF Details

Understanding the USDA Income Eligibility Calculation Worksheet is crucial for individuals and families aspiring to qualify for a USDA Rural Development Guaranteed Housing Loan. This comprehensive form serves as a pivotal tool in assessing the financial eligibility of applicants by meticulously calculating the total gross household income against established USDA income limits. By considering all non-exempt sources of income within a household, from the earnings of each member to combined annual totals, this worksheet ensures a fair evaluation of financial standing. Additionally, it acknowledges the importance of deductions such as the presence of minors, disabled or handicapped adults not being borrowers, and expenses related to elderly family members, showcasing a system designed to accommodate the unique financial scenarios of diverse households. With sections dedicated to potentially deductible elements—from childcare to medical expenses—the worksheet offers a detailed method to adjust gross income, ensuring applicants are assessed with fairness and precision. Notably, the form directs users to further resources for income limits and provides a structured space for lender endorsement, emphasizing its fundamental role in the USDA loan application process. This worksheet is not only a testament to the USDA's commitment to supporting rural homebuyers but also a helpful guide for applicants navigating the intricacies of loan eligibility.

QuestionAnswer
Form NameUsda Income Worksheet Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesrd, usda calculation worksheet, usda rd income calculator worksheet, usda income calculation worksheet

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INCOME ELIGIBILITY CALCULATION WORKSHEET

USDA Rural Development Guaranteed Housing Loan

Borrower/s ____________________________________________________________

Date of Calculation__________

Total # household members = _________

State:_________________________

County:______________________________

List all non-exempt household income: (Per §1980.347)

 

 

 

 

 

 

 

 

 

 

 

Name of household member

Source of income

Monthly income

 

 

Annual income

receiving the income

 

 

 

from source

 

X12

 

from source

 

 

 

 

(Actual or Average)

 

 

 

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

_________________________________________$___________ X12

$___________

Total Gross Household Income

 

 

$______________ X12

$______________

 

 

 

 

Total Monthly

 

Total Annual

Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit):

(1) Number of Minors living in household: ___X $480.00 (Under age 18)

 

 

$_____________

(2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________

(3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers)

$_____________

(4) Elderly Family: (borrower or co-borrower over 62) One time deduction of

$400.00

$_____________

(5) Annual Child Care Expense

 

 

 

 

 

$_____________

(6) Medical expenses (Elderly family only. Un-reimbursed >3% gross annual income)

$_____________

TOTAL Annual Deductions (Sum of Line 1 thru Line 6)

 

 

 

$_____________

Adjusted Gross Annual Household Income (Gross income less deductions)

 

 

$____________

ADJUSTED COUNTY HOUSEHOLD INCOME LIMIT per Rural Development

$____________

Income limits are available at:

 

 

 

 

 

 

 

http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm

or

 

 

 

 

 

 

 

 

http://eligibility.sc.egov.usda.gov

 

 

 

 

 

 

 

__________________________________

 

 

 

 

 

 

Lender Signature

Date

 

 

 

 

 

 

 

__________________________________

Printed Name

Copyright © 2009. David Hail, All rights reserved.

1

Phone: 972-365-8099

August 2009

DEDUCTIONS FOR CALCULATING

ADJUSTED FAMILY INCOME

Deductions From

 

 

 

Annual Income

Deduct For:

Do Not Deduct For:__________________________________

$480 for each

(A)

Minors (under 18 years of age)

Applicant/Borrower, Spouse, Foster Children, or

member of the

 

 

Children of Non-family members.

family residing in

 

 

 

the household.

(B)

Adults (18 years of age or older)

Applicant/Borrower, Spouse or Non-family members.

 

(C)

Adults (18 years of age or older)

Applicant/Borrower, Spouse or Non-family members.

 

 

who are full-time students.

 

______________________________________________________________________________________________________

$400 for elderly

(D) Head, Spouse or Sole Member who

 

family.

 

is a senior citizen, disabled or

 

 

 

handicapped and is the applicant/

 

 

 

borrower.

 

 

(E)

Two or more unrelated senior

Family, if one or more of those living in the house-

 

 

citizens, disabled or handicapped

hold is not a senior citizen, disabled or handicapped.

 

 

persons living together, at least one

 

 

 

is the applicant/borrower.

 

 

(F)

Survivors of deceased FmHA senior

Survivors after remarriage of the deceased borrowers

 

 

citizen, disabled or handicapped

spouse.

 

 

borrower who occupied the dwelling

 

at the time of the borrower’s death.

______________________________________________________________________________________________________

Care of minors 12 years of age or foster children or children of non-family members.

(G)Anticipated expenses to be paid for care of member of the family to be gainfully employed.

(a)Amount paid in excess of amount received from such employment.

(b)Payments made to dependents of the applicant/ borrower.

(H) Anticipated expenses paid for care of

 

minor(s) to enable a member of the

Payments made to dependents of the applicant/

family to further his/her education.

borrower.

______________________________________________________________________________________________________

Aggregate medical

(I)

Planned general medical and dental

Accumulated bills in excess of planned payments for

expenses of the house-

 

expenses of an elderly family for the

ensuing 12 months.

hold in excess of 3% of

 

ensuing 12 months which are not

 

gross annual income.

 

covered by insurance (eg., medicines,

 

 

 

medical insurance premiums, costs of

 

 

 

nursing care, payment of accumulated

 

 

 

medical bills, and cost of full-time

 

 

 

nursing or institutional care which

 

 

 

cannot be provided in the home).

 

 

(J)

Reasonable attendant care and auxiliary Cost already deducted for same user member of

 

 

apparatus and equipment expenses to

elderly family.

 

 

enable any handicapped/disabled

 

 

 

member of a household (not just an

 

 

 

elderly family) to be employed.

 

______________________________________________________________________________________________________

Copyright © 2009. David Hail, All rights reserved.

2

Phone: 972-365-8099

August 2009

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