USDA Announces Increased Income LimitsDate: June 2, 2010
Questions or Comments Regarding This Information?
The income limits for the USDA Guaranteed Rural Housing (GRP) Program have increased effective June 2, 2010. While the increase in most counties in the United State is less than $1,000, considering that family incomes have stagnated over the last year, any increase is helpful in qualifying more homebuyers for the USDA loan program.The USDA Loan does allow for the total household income to be higher than these income limits provided that certain adjustments or reduction to income can be made including:
|Documentable childcare expenses for children age 12 and under|
|$480 per child for anyone under 18|
|$480 for any student other then one of the applicants|
|$400 for each disabled or handicapped individual who is not one of the applicants|
|Medical expenses for any elderly family member|
These adjustments can be used to lower the gross household income to an amount that is less than the county specific maximum gross income. If you are considering financing an upcoming home purchase using a USDA loan and need assistance in calculating your adjusted gross income using USDA Rural Development Loan Income Guidelines complete the contact form or call (866) 747-2882 to speak to your USDA Loan Professional.
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