Program Conventional Bond FHA Plus FHA/VA/RD Fannie Mae No MI DPA Grant MCC All borrowers All borrowers All All borrowers All household All members All All All All borrowers borrowers taking title taking title taking title taking title Only include Include all income borrower income earned by Include all income Include all income Include all income Include all income that can be used to household earned by earned by earned by earned by qualify as member(s) except borrower(s) and borrower(s) and borrower(s) and borrower(s) and Household determined by income that can be non-borrowers non-borrowers non-borrowers non-borrowers Income Fannie Mae excluded (see taking title except taking title except taking title except taking title except Includes: Origination Guide income that can be income that can be income that can be income that can be for details) excluded (see excluded (see excluded (see excluded (see Origination Guide Origination Guide Origination Guide Origination Guide Note: The income for details) for details) for details) for details) limits are lower for this program – no more than 80% of VHDA’s current income limits. Note: If more than one program is being used on a loan the most restrictive guideline applies. Examples: If a borrower is obtaining an FHA loan with the VHDA DPA Grant all household members’ income is included and the lower VHDA DPA Grant income limit applies. If a borrower is obtaining a Fannie Mae No MI loan and also using the MCC, the income of all borrowers and all non-borrowers taking title must be included in the household income calculation – not just income that can be used to qualify per Fannie Mae guidelines. If a borrower is obtaining a Fannie Mae No MI loan with the MCC and obtaining a VHDA DPA Grant, income from all household members must be included and the lower income limit for the VHDA DPA Grant applies.
Program Conventional Bond FHA Plus FHA/VA/RD Fannie Mae No MI DPA Grant MCC Household Income Includes: All borrowers All taking title Include all income earned by borrower(s) and non-borrowers taking title except income that can be excluded (see Origination Guide for details) All borrowers All taking title Include all income earned by borrower(s) and non-borrowers taking title except income that can be excluded (see Origination Guide for details) All borrowers All taking title Include all income earned by borrower(s) and non-borrowers taking title except income that can be excluded (see Origination Guide for details) All borrowers Only include borrower income that can be used to qualify as determined by Fannie Mae All household members Include all income earned by household member(s) except income that can be excluded (see Origination Guide for details) Note: The income limits are lower for this program – no more than 80% of VHDA’s current income limits. All borrowers All taking title Include all income earned by borrower(s) and non-borrowers taking title except income that can be excluded (see Origination Guide for details) Note: If more than one program is being used on a loan the most restrictive guideline applies. Examples: If a borrower is obtaining an FHA loan with the VHDA DPA Grant all household members’ income is included and the lower VHDA DPA Grant income limit applies. If a borrower is obtaining a Fannie Mae No MI loan and also using the MCC, the income of all borrowers and all non-borrowers taking title must be included in the household income calculation – not just income that can be used to qualify per Fannie Mae guidelines. If a borrower is obtaining a Fannie Mae No MI loan with the MCC and obtaining a VHDA DPA Grant, income from all household members must be included and the lower income limit for the VHDA DPA Grant applies.
Household%20Income%20Matrix.docx