It's Official - USDA Rural Housing Increased Income Limits to go Into Effect April 20, 2009!!!

By
Mortgage and Lending with Waterstone Mortgage Corporation

USDA Rural Development has confirmed that the proposed change in the income limit structure for the USDA Guranteed Rural Housing Program will be implemented as planned on April 20th!  This will allow a lot more people to qualify for one of the only 100% financing programs left, and certainly one of the only ones that allows you to include closing costs in the mortgage (if supported by the appraisal)!

 

In summary, the current income limit structure that is based on household incomes will be restricted as follows: 

Okaloosa County:

Household of 1-4 persons in it: Max Gross Income of $72,650

Household of 5-8 persons in it: Max Gross Income of $95,900

 

Walton County/Bay County/Santa Rosa County/Escambia County:

Household of 1-4 persons in it: Max Gross Income of $70,750

Household of 5-8 persons in it: Max Gross Income of $93,400 

We cannot submit any loans with these increased income limits to USDA until April 20 but we can take applications and get the file processed prior to that date.  This should be a huge boost to our market as more people will be able to purchase with absolutely no money down!!!!!

Contact me and let's get you or your client prequalified and closed with NO MONEY DOWN!!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Florida Okaloosa County
Groups:
All About Mortgages/Mortgage Networking
All Things Florida
Florida Gulf Coast Realtors
Mortgages
USDA Rural Development Loan Group
Tags:
usda loan
rural housing mortgage
rural mortgage
usda mortgage
no money down
ft walton beach
destin
100 financing

Comments 3 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Anonymous #1
Anonymous
Anonymous

Great informaiton. thanks for the post.

 

Jp Lowry

April 08, 2009 01:52 PM
Rainmaker
91,035
Gerry Suarez Jr.
Expert Home Loan Advisor
Mortgage Financial Group, Inc.

Sue, thank you for the breaking news. I hadn't even heard that yet and I'm glad we have the depth of professionals here on AR to be able to keep up with all the changes as they happen (or before in this case!)

Gerry Suarez, Jr.

Your FHA Loan Pro!

April 09, 2009 08:18 AM
Rainmaker
211,657
Tim Bradford
NMLS 250013
American Midwest Mortgage

Sue, if you have a link to the change, I would appreciate it.   Please send offline if you could 

April 17, 2009 05:15 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
30,293

Sue Botelho

USDA Rural Housing Mortgage Pro
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information