USDA INCOME LIMITS HAVE INCREASED

Dated: May 6 2020

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 A USDA Home Loan is a Great 100% Financing Option and is meant to help home-buyers with a modest income, purchase a home. With an Increase to Income Limits, it'll allow for more families to be Eligible!


Many automatically assume that since the program is meant for low to medium income borrowers, there is a limit on what homes they can buy. This is incorrect. The USDA does not have set loan limits, but bases the maximum loan amount on the borrower's ability to qualify. Although there are Guidelines regarding whom this is available to, such as Household Income & Location, you can easily find out if this will be something useful for you!  


- For families of 1-4 people: Income Limit is $90,300

- For families of 5 or more: Income Limit $119,200

 Prior to May 4th, the standard income limit for a 1-4 person household was $86,850, and $114,650 for a 5-8 person household


To learn more about USDA home loan programs and find out if your eligible, click below. This will take you to the Official Eligibility Information page where you can choose the Loan program specific to your household and then click the Property Eligibility Program link.


**Find out if your Area is Eligible | https://bit.ly/usdaincomelimit

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Jenny Rutherford

Meet Jenny Rutherford Jenny Rutherford Real Estate, LLC. Where did you grow up? I grew up on a farm at the base of the Blue Ridge Mountains in Virginia. I've lived in several states, including Virgi....

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