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anticipated annual household income for the remainder of the current calendar year. In the <br />event a household, and/or a household member, recently experienced a significant increase in <br />monthly income, generally detined as an increase of 20%, annual household income will be <br />determined by projecting the new monthly income for a period of twelve months. Income <br />shall include the following: <br />a) The gross amount, before any payroll deductions, of wages and salaries, overtime pay, <br />commissions, fees, tips and bonuses; <br />b) "Fhe net income from operation of a business or profession or from rental or real or <br />personal property (tor this purpose, expenditures for business expansion or amortization <br />of capital indebtedness shall not be deducted to determine the net income from a <br />business); <br />c) Interest and dividends; <br />d) The full amount of periodic payments received from social security, annuities. insurance <br />policies, retirement funds, pensions, disability or death benefits and other similar types of <br />periodic receipts; <br />e) Payments in lieu of earnings, such as unemployment and disability compensation, <br />worker's compensation and severance pay; <br />f) Public assistance. If the public assistance payment includes an amount specitically <br />designated for shelter and utilities which is subject to adjustment by the public assistance <br />agency in accordance with the actual cost of shelter and utilities, the amount of public <br />assistance income to be included as income shall consist of <br />(1) "fhe amount of the allowance or grant exclusive of the amount specifically designated <br />for shelter and utilities, plus <br />(2) The maximum amount which the public assistance agency could in tact allow for the <br />family for shelter and utilities; <br />g) Periodic and determinable allowances such as alimony and child support payments, and <br />regular contributions or gifts received from persons not residing in the dwelling; <br />h) All regular pay, special pay and allowances of~a member of the armed Forces (whether <br />or not living in the dwelling) who is head of the family or spouse; <br />~. The homcbuycr shall use the home as its primary residence and the home may not be <br />rented to a second party. <br />~. Borrower's total debt to income ratio may not exceed 40% of the borrower's total <br />income. <br />6. The tirst mortgage obtained for the purchase of the residence must be a CaIHFA-approved <br />mortgage (see }ti.~~~t.eehi~ _ca~~us;'(enders) of a filed interest rate with no negative amortization, <br />balloon payments or adjustable rate features <br /> <br />