Updated almost 6 years ago on .
How is USDA Loan Income Calculated?
My income increased by about 50% with my new job and I am barely over the income limit to qualify for a USDA loan with my current Salary.
Technically I'm still below it, but in February I will receive a 5% raise which will put me above the upper limit.
How will my income be calculated for qualification purposes? Will my most recent pay stub be projected outward, or will prior W-2's be used (last year's, for example, is about $25k below the limit, and the one before that even lower).
If W-2's are used I could still qualify.
Could someone help shed some light on this for me? I've been looking on my own but haven't found anyone address the issue of a recent and large pay salary increase.