I am packaging a 502 loan for our next self-help group and I am having trouble with the 4-A Calculator. The applicant receives social security income and when I enter it in the calculator it only allows me to count it as repayment income but I need to use it for annual income too, where am I going wrong?
Dear 4-A Frustrated,
That section of the calculator is different than the other income sections. In that section you have to select the type of income it is twice, once because annual income isn’t grossed up and then again for repayment since it is grossed up. See below. And then it appears in repayment and annual income and totals correctly in the “TOTAL Household Income.”
Does Customer Service Center (CSC) report on 502 mortgages to the credit bureaus? There seems to be conflicting stories about whether or not they are reported.
Reported or Not
Dear Reported or Not,
Yes! CSC reports to the credit bureaus. I actually had to ask someone about this who had to double check with Rural Development because while we were all certain they do, we couldn’t find it written anywhere.
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