USDA Raises Income Limit For Home Buyers
I love it when Katy Kirby of Stark Mortgage drops by my office. It always means that great things are happening in the home mortgage loan industry. Imagine how excited I was when she told me that the income requirements have been raised for USDA home loans. The new income eligibility requirements are still based on a 640 credit score, but allows more middle class families to obtain the help needed when purchasing a home.
A family of 1-4 people can now make up to $75,650, can still qualify for a USDA home mortgage loan. High income area residents are now allowed an even higher income bracket. In some areas, a family of 1-4 people can have an annual income of up to $153,400. I work with a lot of first time home buyers, and could not wait to tell them all about the new USDA eligibility guidelines.
USDA Home Mortgage Loans Mean
No Money Down Financing
As a buyer’s agent, I understand that getting approved for a USDA home loan may be very beneficial when purchasing a home. If the home buyer is approved for a USDA home loan, the entire loan amount is financed. Yes, 100% financing means NO MONEY DOWN! The USDA home mortgage program is a great way to purchase a home. You just can’t beat home-ownership with no money down financing. Many home buyers were already taking advantage of this amazing opportunity. I am so happy about the new guidelines. Now even more people will qualify to purchase a home with no money down.
Please keep in mind that appraiser’s fees and closing costs cannot be financed in any home mortgage loan. Debt to Credit Ratio guidelines will still apply, as well. Still, the real estate market is HOT right now, and this is the perfect time to purchase a home.
Let Me get You Those Keys,