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VA RESIDUAL INCOME TABLE
Residual Incomes by Region for Loan Amounts of $80,000 and above (VA Lenders Handbook 267, Ch.4 pg.463)
FAMILY SIZENortheastMidwestSouthWest1×450×441×441×4912×755×768×768×8233×909×889×889×9904×1,025×1,003×1,003×1,1175×1,062×1,039×1,039×1,158Over
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How to fill out va residual income table
How to fill out va residual income table
01
To fill out the VA residual income table, follow these steps:
02
Retrieve the VA residual income table template from an official source, such as the Department of Veterans Affairs website.
03
Begin by entering your gross monthly income in the appropriate field. This should include all sources of income, such as employment earnings, rental income, and disability payments.
04
Deduct any allowable monthly expenses from your gross income. These may include items such as taxes, insurance premiums, and child support payments. Enter the remaining amount as your net monthly income.
05
Next, consider your monthly housing expenses. Include items such as your mortgage or rent payments, homeowners association fees, and utility bills.
06
Subtract your monthly housing expenses from your net monthly income to calculate your residual income.
07
Once you have determined your residual income, compare it to the VA's residual income guidelines for your loan amount, family size, and geographic location. Ensure that your residual income meets or exceeds the minimum requirements.
08
Fill out the remaining fields in the VA residual income table, including your loan amount, number of dependents, and housing status.
09
Review the completed VA residual income table for accuracy, making any necessary adjustments.
10
Save a copy of the filled-out VA residual income table for your records and submit it as required by your VA loan application.
Who needs va residual income table?
01
The VA residual income table is needed by individuals who are applying for a VA loan. It is used by the Department of Veterans Affairs to assess a borrower's ability to afford a mortgage. The table helps determine if a borrower has sufficient residual income after accounting for their monthly expenses. Veterans, active-duty service members, and eligible surviving spouses can qualify for VA loans and may need to fill out the VA residual income table as part of the loan application process.
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