It’s important for us to know how many people live in your home to determine if you meet the minimum residual income requirements set forth by the U.S. Department of Housing and Urban Development.

Count all members of the household without regard to the nature of the relationship:

• a spouse who is not joining in title or on the note,
• and any other individuals who depend on the mortgagor for support.

For example, children from a spouse’s prior marriage who are not the mortgagor’s legal dependents.

Exception: The lender may omit any individuals who are fully supported from a source of verified income which is not included in the calculation of residual income. For example:

• a spouse not obligated on the note who has stable and reliable income sufficient to support his or her living expenses, or
• a child for whom sufficient foster care payments or child support is received regularly.