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CONTRACTS FOR DEED AS INCOME

ISSUE DATE: 10/2016

MFIP, MSA, GA, GRH:
Count payments of a contract for deed or other property agreement as unearned income.

If the real property is encumbered by another mortgage or contract for deed and the owner of the contract is making that payment, allow a deduction for the principal and interest portion of that payment.


DWP:

Follow MFIP. After the initial DWP determination, do not count any unanticipated income the unit may receive.


SNAP:

Count all payments (including the principal portion) of a contract for deed or other property agreement as unearned income. If the owner of the contract or property agreement is paying the property taxes and/or homeowner's insurance, allow these as deductions from the payment. If the real property is encumbered by another mortgage or contract for deed, and the owner of the contract is making that payment, allow a deduction for the interest portion of that payment.

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