Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My wife and I are interested in utilizing the guaranteed rural housing loan, but have a question regarding the income eligibility. Last year in 2012, my wife worked, and we make more than the income eligibility requirement. This year in 2013, my wife stays at home to take care of our newborn, so our income for this year is within the income eligibility with me only working.
Would we qualify with this situation? Or would they look at our income from 2012?
USDA is not "prove that you aren't lying"......the rest of the programs may appear that way, but USDA is the only one at face value, but you do need to have a plausible story and timeline. For example, when was your child born? And what was her last day at work? I'm sure you can see that a birthdate of October 1 and late day worked September 15 makes a whole lot more sense than a June 1 birthdate, your wife returning to work and and a December 31st (or even January 31st) last date worked. It's all going to depend upon how your "story" unfolds. 99% of loan processing is packaging the loan.
Thanks for your reply. I think I would qualify then. Our son was born on November 29th, and she collected maternity leave for 6 weeks after that. Currently, I'm the only one working.
Has she formally resigned? Can you provide proof of separation from her job?
The lender will want assurances she is not working. There's a 101 ways to check out if someone is on the payroll, but offer the documentation she has received. She should also be prepared to write a letter to this fact, as well as, sign several documents attesting she no longer works. This doesn't mean she can't go back to work someday in the future, but be very careful about knowingly committing fraud. I'm not accusing, just forewarning anyone reading that fraud for an entitlement program is very easy to catch.
Good luck with the home search......your situation is a great example of the need for this program to continue.
I agree. You should be ok but DO NOT even hint your wife could go back to work anytime soon. Just tell them 'she has no plans to work at this point'
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
