Va Residual Income Chart. VA residual income chart provides minimum residual income for each region and state. Residual Income is the money left over after you have paid each of your monthly debt obligations.
Residual income equals gross income less maintenance and utility expense and other monthly shelter expenses. Here is the Residual Income Chart. Item 45 Debt-to-Income Ratio VAs debt-to-income ratio is a ratio of total monthly debt payments housing expense installment debts and other debt to gross monthly income.
These monthly obligations would include your car payment mortgage student loans and credit card bills.
After these payments you have your residual income which is typically used for personal expenses such as. Here is the Residual Income Chart. 1 How to Underwrite a VA-Guaranteed Loan 4-2 2 Income 4-6 3 Income Taxes and Other Deductions from Income 4-25 4 Assets 4-27 5 Debts and Obligations 4-29 6 Required Search for and Treatment of Debts Owed to the Federal Government 4-34 7 Credit History 4-40 8 Documentation for Automated Underwriting Cases 4-46 9 How to Complete VA Form 26-6393. Income verification for VA loans also uses something called residual income.