New USDA Income Limits!

One of the best loan programs available just got a little better! USDA loans have become so popular because of the extremely competitive rate (Today 5.25% is the max rate), there is no down payment required, repairs can be financed in, and there is NO monthly Mortgage Insurance! USDA loans are available to all that qualify. You must have a 620 credit score, the property must be USDA eligible, and your family must be able to income qualify. While nothing has changed in the property eligibility areas, the income limits are being relaxed. As of April 20th the following changes will go into effect.

USDA currently allows the following incomes per household:
1 Person = $49,550
2 Person = $56,600
3 Person = $63,700
4 Person = $70,750
5 Person = $79,400
6 Person = $82,050
7 Person = $87,750
8 Person = $93,400

The new limits will be as follows (effective April 20th, 2009):
1-4 Person = $73,600
5-8 Person = $97,150

So from this you can see much more will fit in than before. Also keep in mind that it isn't as simple as taking your income now. Every loan scenario is different, but there are circumstances where 2 or 3 year averages of your income will be used. Daycare and non-reimbursed business expenses are also factored in and these items offset some of the income you make. Bottom line it is worth applying for to see if you qualify. Many people qualified in the past that didn't realize they would and these new income limits will only help.

Happy House Hunting!

Brought to you by:
Flat Branch Mortgage, Inc.