Six Deductions Allowed By USDA Rural Development Home Loans Woodland Park, Teller County Colorado

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Real Estate Technology with Imagine WOW! Digital Marketing Agency

Six Deductions Allowed By USDA Rural Development Home Loans Woodland Park, Teller County Colorado

In order to qualify for a USDA loan, there are certain income limits depending upon the location of the property your clients are buying.   Visit the USDA Home Loan income calculator to determine what the income limits are in Teller County which includes Woodland Park, Divide, Florrisant or Cripple Creek.

There are 6 common deductions that can be subtracted from gross income while still allowing your client to  meet the USDA income limits. 

USDA Rural Development

Childcare expense is one of the biggest deductions (from gross income) that will help more buyers qualify.  The only thing the lender will require is a short letter from a childcare provider detailing the amount of childcare paid annually.  If your clients’ income is already below the limit, no documentation will be needed. 

And one more benefit to mention: Childcare is NOT counted as a debt and will not affect the debt-to-income ratios.  

Call me for all your USDA loans! 

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Topic:
ActiveRain Community
Location:
Colorado Teller County Woodland Park
Tags:
teller county
colorado
woodland park
rural development
usda

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Rainer
64,671
Kenneth B. Banks
Realtor ABR, CDPE, SNP
Crye-Leike Realtors

  Anytime I can find out more about ways clients can qualify for a mortgage that fits their particular needs, it is helpful.  I just wish I could remember all this.  LOL

March 17, 2011 02:02 PM
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Rainmaker
272,529

Rebekah Radice

Social Media Marketing, Coaching & Training
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