How is SONYMA Compliance Income Calculated?
The following is a general guide to how SONYMA calculates compliance income. Not all sources of income are listed in the text of this list. Whose Income Must be Used – Under law, SONYMA is required to use the total combined income of all persons who are age 18 or older and who are expected to live in the SONYMA financed property regardless of whether they have signed or will sign the mortgage application. How Compliance Income is Calculated – SONYMA uses the following guidelines/calculations to determine if the applicant’s household will meet our income limit eligibility requirements. • Basic Income Calculation: Obtain the year-to-date (YTD) gross income from current paystub. Deductions for pre-tax income (e.g., 401k, 457b contributions, health benefits, etc.) are not allowed. Divide YTD income by number of weeks elapsed in the current year and multiply by 52 to obtain annual income. • Overtime, Bonuses, and Commissions: Must be included in the YTD income calculation, as stated above.
