USDA Ups Income Limits!!!! Yahoo!!!!!

By
Mortgage Banker with Larry Bettag - Cherry Creek Mortgage

The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective June 2, 2010. The new income limits can be found at the USDA Rural Development Eligibility Home page by following either of the links provided below:

http://eligibility.sc.egov.usda.gov

OR, http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm

Note: The number of persons used for income eligibility is the number of people living in the home, not the number of applicants on the file.

Under the income limit structure for non-high cost counties, those income limits will be:

1-4 Person 5-8 Person

74,050 97,750

Please consult the above websites for the specific income limits and areas of geographic eligibility for the USDA GRH program in the states and counties served by your organization.

As a reminder, unlike other home-financing programs, there are no loan limits for the USDA Guaranteed Rural Housing Program.

Guaranteed Rural Housing applicants is based on their ability to meet the repayment ratios for the program, while simultaneously staying within the program's income limits.

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Topic:
ActiveRain Community
Location:
Illinois Kane County
Groups:
Almost Anything Goes
Best Business Practices
Illinois
Illinois Real Estate
Mortgage Bankers
Tags:
usda commitments
usda
usda information
usda raises income limits
usda raises personal income limits

Comments 3 New Comment

Rainmaker
267,701
John Thomas
EcoBroker, MSEE, MBA
E3 Green HOMES

Great news...Thanks for the information. I hope this means more buyers will be able to find a home that suits their wants and needs.

June 04, 2010 10:10 AM
Rainmaker
420,591
Leslie Ebersole
REALTOR - Chicagonulls Western Suburbs
Baird&Warner Fox Valley

I seem to recall that some zips and areas can use these loans but not others -- eg Geneva no, Sycamore yes? Is there a list you can give us for our area that your LOs already have developed?  Are these loans OK to purchase an REOs?

June 04, 2010 10:18 AM
Rainmaker
458,353
Alexander Harb
Dallas, Texas Real Estate Investing
Knights Investing

I just caught your "Mythbusters" logo at the bottom of your post, Jeff... pretty cool... I like to watch those guys take "old folks tales" and either prove or dissprove them... and they have FUN doing it!!

=-)

June 04, 2010 11:47 AM
Ambassador
872,143

Larry Bettag

Regional Vice-President
What to know how to buy if you're a bit credit challenged?
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