USDA home loan qualification deductions (insurance, 2013, lender, FHA)
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With the recent increase to the income limit for USDA home loans in PA, my wife and I are trying to switch off of FHA to go for the USDA loan for our first home. Our broker said it looked like we would qualify, but when the lender did the calculation they said we are $47 over the limit. It is that close. This happened because my wife got overtime in 2013 and even though she is not going to receive as much this year, they still calculate the worst. I was wondering if anyone had any advice on how we could lower our anticipated income by $47. Additionally, we have a baby coming in June who is already enrolled in daycare for September at $800 a month. Some people have mentioned that I may be able to get a letter from the daycare to confirm our anticipated expense to lower our income, but our broker says they need to be in daycare already. Any advice is appreciated!
We are over the income limit. They are predicting that my wife is going to make more than she probably will based on some overtime she got in January that she doesn't normally get, causing us to be over by $47. I'm sort of at my wit's end because to go to FHA not only requires most of our savings as a down payment, but is $150 more a month just due to the high mortgage insurance payments.
Your wife needs to take time off of work to bring that average down.
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