Assets
Household assets include all adult household members’ assets.
Include:
- Funds held in checking accounts, savings accounts, health savings accounts, money market accounts, certificates of deposit, stocks/mutual funds, bonds, cash value of life insurance policies available to the individual before death (surrender value of a whole life or universal life policy).
- Retirement funds.
- Inheritance or trust funds.
- Estimated proceeds from the sale of a property currently owned.
- Personal property held as an investment such as gems, jewelry, coin collections, antique cars, etc.
Do not include:
- Value of necessary personal property such as clothing, furniture, cars, and vehicles especially equipped for persons with disabilities.
- Term life insurance policies where there is no cash value and which only pay upon death.
Household
Household includes all persons who will live in the home you intend to purchase at least 50% of the time.
For example, this would include unmarried partners, known roommates, regardless of who will be on title to the home, and children of whom you have at least 50% legal custody.
Income
Household income includes all adult household members’ income.
Net business income (gross income minus business expenses) for self-employment/contract/1099/side jobs.
Gross income for wage/W2 jobs and all other types of income sources (i.e. SSI, pension income, alimony/maintenance, child support payments, trust fund income).