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FHA doesn't have residual income guidelines...this applies to VA loans

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โˆ™ 2008-03-16 16:34:40
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Q: Would you explain residual income guidelines for FHA loans?
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Does utility refer to income tax?

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The residual value of "cost plus" is whatever is charged which exceeds the cost. Example: I provide a quote the terms for a project as being "cost plus 20%". If the cost for my project is $100, then I would bill $120. The residual value is $20.

Does state aid count as income for taxes?

State aid would not be taxable income that you would report on your income tax return.

Is salary an earned income?

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Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.

Would you have different guidelines for a personal document?


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That would do it for me, but unfortunately for me my net income is equal to my gross income minus taxes.

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