Residual Income Worksheet
This form is required on all VA purchases and any file in which the QM category is Rebuttable.
For QM rebuttable the form is found in the forms section of your file in MM
For VA files the form is the same but is titled differently and it can also be found in the forms section of your file in MM
Family Members: Total # of people living in the home as shown on the 1003
Gross Living Area: This can be found on the appraisal or on Zillow
Percent Residual Met: This will auto populate once the above 2 fields are completed
Base Income: This auto populates from MM
Overtime: This auto populates from MM
Federal Income Tax: This number is determined on paycheckcity.com – follow either the salary or hourly calculator depending on how your borrowers is paid.
State Income Tax: This number is determined on paycheckcity.com – follow either the salary or hourly calculator depending on how your borrowers is paid.
Other: This column is for Medicaid deductions – This number is determined on paycheckcity.com – follow either the salary or hourly calculator depending on how your borrowers is paid.
Total Payments: This is auto populated from the liabilities in MM
Guideline Residual Income: This will auto populate once the above sections are complete and is the # that must be met for your borrower to qualify – if you are not meeting this requirement please reach out to management as an exception may be able to be made.
