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!!

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Groups:
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USDA Rural Development Loan Group
Tags:
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ft walton beach
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100 financing

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Great informaiton. thanks for the post.

 

Jp Lowry

Apr 08, 2009 01:52 PM #1
Rainmaker
91,282
Gerry Suarez Jr.
Mortgage Financial Group, Inc. - Mount Dora, FL
Expert Home Loan Advisor

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!

Apr 09, 2009 08:18 AM #2
Rainmaker
211,857
Tim Bradford
American Midwest Mortgage - Cleveland, OH
NMLS 250013

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

Apr 17, 2009 05:15 PM #3
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Sue Botelho

USDA Rural Housing Mortgage Pro
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