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:
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!!