{"id":6244,"date":"2017-05-30T08:06:54","date_gmt":"2017-05-30T12:06:54","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6244"},"modified":"2020-07-13T22:29:02","modified_gmt":"2020-07-13T22:29:02","slug":"usda-income-limits","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/usda-income-limits\/","title":{"rendered":"USDA Income Limits for 2019 – 2020 Allows More Families to Buy a Home No Money Down"},"content":{"rendered":"\n

USDA Rural Development home loans are one of the most misunderstood and overlooked home loans. Many wrongly believe the USDA income limits are really low, which is way wrong. Plus, it isn’t just for really rural or small homes. Actually, most properties in America are eligible and loans can even exceed $400,000. Therefore, USDA loans offer many low to middle income families one of the best purchase options available. By offering a no money down mortgage with unbelievably affordable terms, USDA should always be considered.  USDA <\/a>does have property eligibility requirements <\/a>as well as maximum household income limits. <\/p>\n\n\n\n

Here’s a key point to remember. Although there are USDA income eligibility requirements, the household income maximums are very liberal.  Therefore, many families fall within the USDA loan income limits. The bonus is buying a home<\/a> with 100% financing, a 30 year fixed interest rate, and low mortgage insurance. So, let’s dig into the details and why you should consider USDA!<\/p>\n\n\n\n

Increased USDA Income Limits 2019 – 2020<\/h2>\n\n\n\n
\"USDA
Walk the path to homeownership!<\/figcaption><\/figure><\/div>\n\n\n\n

The path to homeownership<\/a> just became easier.  Lately, USDA Guaranteed loans have continued to make it easier to buy a home.  In 2016, USDA drastically lowered the funding fee and annual fee<\/a> for borrowers.  These reduced costs basically made USDA monthly payments lower.  Now for 2019 & 2020, USDA loan income limits have increased across the country. <\/p>\n\n\n\n

The standard income limits for most counties range from $86,850 to $114,650, depending on household sizes.  USDA divides household sizes as 1 – 4 members and 5 or more.  So with a family size of 1 – 4, the household income limit would be $86,850.  Additionally, if the family size is 5+, then the income limit would be $114,650.  BUT<\/strong><\/em>, there are some counties with much higher USDA income limits.  For instance, the Raleigh NC MSA allows for households to make up to $140,700! As a national lender, we are able to offer USDA loans in most states (not AK, HI, TX, NY). <\/p>\n\n\n\n

“There are some counties with much higher USDA income limits!”<\/p><\/blockquote>\n\n\n\n

USDA Income Eligibility Rocks!<\/h2>\n\n\n\n

Do keep in mind to contact us for actual income limits for your area. Especially if the home<\/a> is in an MSA area. We are happy to figure your qualification. Additionally, if a household makes more than the standard USDA limits, there are ways to exceed them! So, don’t miss out on ways to use USDA no money down financing.  Exceeding the income limits may be possible.<\/p>\n\n\n

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\nWe will check your qualification for a USDA home loan
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How to Exceed USDA Loan Income Limits<\/h2>\n\n\n\n

Yes, USDA has household income limits.  BUT, families may often exceed these USDA income limits!  First of all, keep in mind that USDA goes by ALL household income.  So it is not just the actual borrowers.  For instance, if a parent receiving social security income<\/a> or retirement income <\/a>is going to live in the house but not be on the loan, the income must still be included in the household income limit.  In addition to liberal income limits, there are several tricks to exceed these limits.  Often these limits may be exceeded by right much!<\/p>\n\n\n\n

Tricks to Exceed USDA Income Threshold!<\/h3>\n\n\n\n