Recurring & Non-Recurring Income Formula

a = Minimum Required Annual Recurring Income (4 x Rent x 12)

b = Minimum Required Liquid Assets (20 x Debt Load x 12)

c = Documented Recurring Annual Income

x = Minimum Required Adjusted Liquid Assets

The formula for calculating income/asset qualification for Applicants who have a combination of recurring and non-recurring income and/or liquid assets shall be:

a (x) = (a-c)(b)