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9.2 OVERVIEW
The SFHGLP assists very-low, low, and moderate-income households. Therefore, the lender must certify that any household that requests a loan guarantee does not exceed the adjusted annual income threshold for the applicable state and county where the dwelling is located. Additional information on income limits can be found in Appendix 5 of this Handbook.
This section assists lenders in analyzing income types, completing income calculations (annual, adjusted annual, and repayment), and documenting the income with acceptable verifications. Documentation of income calculations are recorded on Attachment 9-B, Worksheet for Documenting Eligible Household and Repayment Income, FNMA Form 1008 or Freddie Mac Form 1077, Uniform Underwriting and Transmittal Summary, or an equivalent lender income worksheet. Attachment 9-C provides a case study to illustrate how to properly complete the income worksheet. A public website is available to assist in the calculation of annual and adjusted annual income at: https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state.