RESIDUAL INCOME CALCULATOR - Patriot Pacific MLO

VA - Residual Income Worksheet

Instructions: Complete all white fields below and review result messages at bottom. Upload this completed calculator, along with the PayCheck City tax calculations, to the file

Name:

Loan Number:

Family Size:

State:

Region:

00,00.00

Mortagege Amount:

Gross Monthly, Taxable Income

a. Veteran - Salaried Portion

b. Veteran - Self Employed Portion

c.Spouse - Salaried Portion

d. Spouse - Self Employed Portion

e. VA Benefits (Excluding Basic Allowance Subsistence (BAS) and Basic Allowance for Housing (BAH))

f.Other Taxable Income (SSI, Pension, etc.)

g.Rental Income (Subject and Investment Properties)

(1a)Total Gross Monthly, Taxable Income

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Monthly, Non-Taxable Income

h. Other Non-Taxable Income (SSI, Pension, etc.)

i.VA Benefits (Basic Allowance Subsistence (BAS) and Basic Allowance for Housing (BAH) Only)

**Note - These are NOT to be grossed up**

(1b)Total Monthly, Non-Taxable Income

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Monthly Housing Expenses (PITI)

Principal, Interest, Taxes, Insurance, HOA, etc.

2Total Monthly Housing Expense (PITI)

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Other Monthly Debts

Monthly Debts and Obligations including Child Care/Alimony

3Total Other Monthly Debts

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Monthly Maintenance & Utilities

a. Total Square Footage

b. Square Footage X 14 cents per sq. ft.

00,00.00

4Total Monthly Maintenance & Utilities

00,00.00

Monthly Taxes

Click link below to determine amount to enter for Federal and State Income Tax. The monthly amount should be the Total Taxable Income listed in section 1(a) above.

Link for instructions on how to complete these steps on the GR Resource Center.

a. Federal Income Tax (from calculator)

b. State Income Tax (from calculator)

c.Social Security/Medicare

(5)Total Monthly Taxes

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Actual Income (Income minus Expenses)

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Residual Income Requirement

a.Amount Required

00,00.00

b.Amount Required plus additional 20%

00,00.00

The Mortgagee may omit any individuals from “family size” who are fully supported from a source of verified income which is not included in Effective Income in the mortgage analysis. These individuals must voluntarily provide sufficient documentation to verify their income to qualify for this exception.

Exception guidelines are being applied and family size has been reduced?

If no error messages below, residual income requirements have been met based on the data entered.

Error: Loan doesn't meet residual income requirements

Family size has been reduced and exception guidelines below are being applied