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USDA - Rural Housing - INCREASED Income Limits are coming!

November 12th, 2008 6:35 PM by Kathy Delbridge

On November 4th, 2008, a final ruling was published by the Federal Register to simplify the USDA Rural Housing program’s income limit structure for the USDA Guaranteed Rural Housing Program. These income structural changes will become effective on January 20, 2009, unless they receive adverse comments by January 5, 2009. They had put an advance notice out about trying to do this on April 10, 2008 and have not yet received any adverse comments so this should be a non-issue. In essence, the current income limit structure that is based on household incomes from one to eight persons (in the household) would be restructured as follows:

In essence, the current income limit structure that is based on household incomes from one to eight persons (in the household) would be restructured as follows:

1-4 person households will be qualified using only the 4-person limit and 5-8 person households would be qualified using only the 8-person limit.

What does this mean? It means that a lot more people will be able to qualify for this program!

Current Income Structure 

Atlanta MSA Eligible Counties(Counties: Barrow, Bartow, Carroll, Cherokee, Coweta, Dawson, Douglas, Forsyth, Fulton, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Spalding and Walton)

County 1 Person    2 Person 3-Person 4-Person 5-Person 6-Person 7-Person 8-Person
Atlanta MSA (see above) $57,300 $65,500 $73,700 $81,850 $88,500  $94,950 $101,500 $108,050
All other counties in GA $49,550 $56,600 $63,700 $70,750 $76,400 $82,050 $87,750 $93,400

Counties that are Entirely Ineligible in GA for USDA Loans: (Clayton, Cobb, Dekalb, Fayette, Gwinnett, Rockdale, Bibb, Clarke, Muscogee, Richmond)

Suggested Income Limit Change

County 1-4 Person 5-8 Person
Atlanta MSA $81,850 $108,050
All other counties $70,750 $93,400

This will help more buyers now be able to get into more homes and reap the benefits of USDA loans.

  • 0 Money Down
  • No reserves required
  • NO Monthly Mortgage Insurance
  • Closing costs and prepaids and be financed in many instances
  • Financing up to 102% of appraised value
  • Repairs can be escrowed (restrictions apply)
  • Many more Highlights...call to ask for more more info

NOTE: Not all homes in the above referenced county are eligible. Please contact our office to confirm if the house you are buying will be in the eligible USDA financing zone.

 

Posted in:General
Posted by Kathy Delbridge on November 12th, 2008 6:35 PM

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