Can my spouse's income not count toward USDA qualification
We'd like to do 100% financing but don't meet the income qualification when factoring in my husband's pay. But he works part time, and his cash makes up only 10% of our household takehome. Aside from that his credit is poor so I think considering him will hurt us. Thoughts? by diannel39798108 from Delong, Indiana. May 7th 2014
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
All household income especially if it is reported on the tax returns has to be accounted for when applying for USDA Guaranteed Home Loan. The maximum allowable gross annual income for Fulton County for a household of 4 is $74,750. It increases higher for larger households.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Use his income and yours combined, from line 37 of IRS form 1040, averaged for the last 2 years.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Household income is used for USDA loans.
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