08/19/2026
On August 4, 2026, USDA announced an increase to the elderly household deduction for applicants aged 62 and older, and the dependent deduction for applicants with eligible dependents. Pennymac is aligning with this change effective immediately.
Adjusted annual income deduction amounts have increased to:
- Dependent deduction is increased from $480 to $500 for each eligible dependent, and
- Elderly household deduction is increased from $400 to $550 per eligible household.
Please contact your Sales Representative with any questions.