Income Calculation Worksheet

Our Income Analysis Tools, Job Aids And Worksheets Are Designed To Help You Evaluate Qualifying Income Quickly And Easily.

Calculate the monthly qualifying income for a borrower who is a sole proprietor. Your income is the federal adjusted gross income (agi) from your tax return, minus taxable ira distributions and withdrawals. You also have the option to use the worksheet below. Users must be mortgage professionals ;

Income Will Be Considered Effective Income If Received For 2 Years And Continuance Can Be Verified.

Schedule e or step 2b: Lease agreement or fannie mae form 1007 or form 1025. Please note that these tools offer suggested guidance, they don’t replace instructions or applicable guidelines from the gses. Fannie mae offers use of the income calculator as an optional tool to assist lenders in calculating qualifying income that is documented using tax returns.

Income Calculator Is Not Intended For Consumer Use And Must Only Be Used By Mortgage Professionals.

The purpose of this written analysis is to determine the amount of stable and continuous income that will be available to the borrower for loan qualifying purposes. Calculate monthly qualifying rental income (loss) using step 2a: This tool can be used for loans underwritten manually or through du. Qualifying income typically consists of a 2 year average;

Once The Data Input Is Completed, Income Calculator Instantly Provides The Qualifying Monthly Income Amount Along With A Downloadable Pdf Findings Report.

However, an average of the prior year and year to date income can be used if the income is stable or increasing and the income is likely to increase. Source of monthly income borrower* borrower* family** (a) (b) (c)