Annual family income means the combined yearly gross earned income and unearned income of all adult individuals within a family unit.
Annual family income means the total amount received per year from all sources before taxes are withheld.
Annual family income means gross income anticipated to be received by the family during the 12-month period following the purchase of a home using one of the Authority’s home buyer programs, calculated in accordance with the definition found at 24 CFR 5.609 and the Authority’s Program Manual.
Examples of Annual family income in a sentence
Each Mortgage Loan shall be made to a Mortgagor whose Annual Family Income shall not exceed the applicable limits published from time to time by the Authority for each Program.
More Definitions of Annual family income
Annual family income means the annualized family income at the time of Mortgage Loan closing as determined in accordance with the Code. “Annual Family Income” means, with respect to a person, the “gross monthly income,” multiplied by twelve, of such person and of any other person who is expected both to live in the Single-Family Residence being financed and to be secondarily liable on Mortgage Loan, all as determined in accordance with the Program Manual. For purposes of this definition, “gross monthly income” includes the sum of monthly gross pay; any additional income from overtime, part- time employment, bonuses, dividends, interest, royalties, pensions, VA compensation, and net rental income; and other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments).
Annual family income means, with respect to a person, the “gross monthly income,” multiplied by twelve, of such person and of any other person who is expected both to live in the Single-Family Residence being financed and to be secondarily liable on Mortgage Loan, all as determined in accordance with the Program Manual. For purposes of this definition, “gross monthly income” includes the sum of monthly gross pay; any additional income from overtime, part- time employment, bonuses, dividends, interest, royalties, pensions, VA compensation, and net rental income; and other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments).
Annual family income means the aggregate of the annual income from all sources of all the members of a family;
Annual family income means the mortgagor’s annualized gross income. Annualized gross income is gross monthly income multiplied by twelve (12). Gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, dividends, interest royalties, pensions, Veterans Administration (VA) compensation, net rental income, etc.; and other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments.) The income to be taken into account in determining the gross monthly income is the income of the mortgagor (or mortgagors) and any other person who is expected to principally and permanently reside in the residence being financed the current annual income, as determined by federal regulations, if any, for eligible persons or families residing or intending permanently to reside in the single family residence.
Annual family income means gross monthly income multiplied by 12. Gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, social security benefits. unemployment compensation, income from trusts and income received from business investments. Information with respect to gross monthly income may be obtained from available loan
Annual family income means the combined annual adjusted gross income, as reported for federal tax purposes, of all members of the applicant’s household.
Annual family income means the mortgagor's annualized gross income.