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calvinmj
Joined: 12 Aug 2008
Posts: 2
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| Posted: Tue Aug 12, 2008 8:32 pm Post subject: CalHFA: Income Limit Calculation |
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| Good afternoon all. I am new to this and I have a very important question. My wife and I want to buy a home in CA and we looked at and FHA and CalHFA the broker very quickly told us we would not qualify for the CalHFA because our income surpassed the limit for a 2 person household. My question is how does CalHFA calculate your income? Last year my wife and I grossed less than $90,000 which would have made us eligible for CalHFA. But this year as of March I got a promotion and she got a raise. These two changes will put us at about $94,000 thousand for 2008. Does CalHFA go by how much we made in the previous year, an average of the past 3 years or a projection of how much we stand to make this year? I think the broker may have steered us away from the CalHFA due to the limits on "junk" fees or she does not know much about it. I really need help with this. Although my wife and I have healthy incomes in our opinion, they are by no means enough for us to save up 20% of a So Cal home price and I want to see if we can qualify for a home before my income truly go over the limit. |
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liverichly
Joined: 10 Feb 2005
Posts: 195
Location: Orange County, CA
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| Posted: Tue Sep 02, 2008 3:10 am Post subject: |
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| Per a conversation I had with CalHFA last week, only the applicants income is included in the CalHFA "income eligibility" calculation. They will take your current income and project it over 12 months to determine if your income is eligible or not. |
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calvinmj
Joined: 12 Aug 2008
Posts: 2
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| Posted: Tue Sep 02, 2008 4:36 am Post subject: CalHFA: Income Limit Calculation |
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| Hello Shane, Thanks for that clarification... I have a follow up... I am married do both my wife and I have to be on the application? |
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