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What are the USDA Income Limits

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What are the USDA Income Limits

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Because USDA loans are meant to assist low-to-moderate income homebuyers, the USDA sets income limits based on the property’s location and household size. The base USDA income limits are generally as follows but income limits are set for the county you are purchasing in:·

1-4 member household: $90,300

· 5-8 member household: $119,200

USDA counts the total annual income of every adult member in a household towards the USDA income limit, regardless if they are a part of the loan.

But it’s also not as simple as looking at your annual pay. USDA ultimately looks at what it calls adjusted annual income, which takes into account acceptable deductions for things like child care, medical expenses and more.

What is the USDA Loan Property Eligibility – USDA loans are only available to homebuyers wishing to purchase in what the USDA considers a rural area, although some suburban areas may be eligible as well.

The USDA defines a qualified “rural” area as any area with a population under 35,000, is rural in character and has a serious lack of mortgage credit for low- and moderate-income families.

Additionally, USDA loans are only available to homebuyers wishing to purchase a single-family home that will be their primary residence. Homes with acreage may be eligible, if the site size is typical for the area and not used principally for income-producing purposes. Income-producing property and vacation homes do not qualify.

Boundary lines for USDA property eligibility can change every year.

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    Neverrest Mortgages, LLC
    9393 W. 110th St.
    51 Corporate Woods Suite 500
    Overland Park, KS 66210
    Email: [email protected]
    (913) 232-9232

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