#VA RESIDUAL INCOME CALCULATOR VERIFICATION#

In turn, that lowers your DTI ratio to 36 percent - which is a big deal in this example, because buyers whose DTI ratio exceeds 41 percent have to meet a higher benchmark for residual income. After all, let's face it, while, say, a billionaire certainly wouldn't need to apply for reverse mortgage loan, s/he would almost certainly be approved hands down. Grossing up the income by 25 percent hikes the monthly income figure to 2,500. In reality, however, the effect is the exact opposite. From what I learned, the original premise of the heck is to help low and middle income seniors get back on financial solid ground. To make a long story short, I am now living below the federal poverty level, struggling for survival, and residing in a homeless shelter, and fear living on the street. Consequently, the loan application was declined. In turn, that lowers your DTI ratio to 36 percent - which is a big deal in this example, because buyers whose DTI ratio exceeds 41. Grossing up the income by 25 percent hikes the monthly income figure to 2,500. Then, after reassuring me for several months, the loan application would definitely be approved, the agent sudden did an 'about face' and informed me that I would be required to put up a realively sizable cash set-aside, which I couldn't afford considering my circumstances. If your monthly non-taxable income is 2,000 and your major monthly debts are 900, that’s a 45 percent DTI ratio (900/2,000). A VA residual income calculator can help you understand how the chart applies.

#VA RESIDUAL INCOME CALCULATOR VERIFICATION#

At first, the agent promised my application would be approved with no problem. Income verification for VA loans also uses something called residual income. At that point, I reluctantly decided to apply for a reverse mortgage loan. Had some assets for a while, but these were nearly deleted several years later. As it happens, I made the foolish decision to take early retirement. This is for Cherry, and, as it happens, she is correct that those who need the reverse mortgages the most probably won't qualify.

Va residual income calculator