Home buyers can look up their income pretty easily to check they meet the 2016 USDA loan income limits. The income limits are a key factor to determine if your household is eligible for USDA financing. USDA has a simple household income calculator here where buyers can fill in all the numbers calculated. Interested applicants can go to the website, pick your property state, county and answer a few questions in regards to any dependents, elderly or disabled members living in the household.
New Flash: New updates regarding the 502 Guaranteed Program income limits.
If you have questions on calculating your income for USDA loan eligibility purposes, please contact us by filling out the Quick Contact form on this page. Or just call, tel: 800-691-8826. We serve home buyers in all 50 states.
When using the USDA mortgage income calculator, it’s important to remember a few things:
- Input your current GROSS income (before taxes)
- Include the income of all members that will be living in the house – even if they are not part of the actual USDA loan application. Remember, the USDA income limits apply to anyone that earns money in the house. This includes any elderly that receive disability income, social security, etc. Or any minor child that has a part time, etc. The exclusion to this would be a working minor child that is also a full time student.
- The 502 Guaranteed income limit for a standard household of 1-4 people is around $75,000 in most parts of the country. The income limits go significantly higher for household that have 5+ members. Keep in mind the USDA direct program is exclusively reserved for low income households, and these loans are processed only by USDA directly. Most moderate income households will fit under the USDA 502 Guaranteed program, this program is proceed by approved USDA lenders and mortgage companies.
- If your income is close to the set county limit, don’t forget about the income deductions for dependants, child care or disability. This can greatly help offset some income to help you qualify.
- The USDA Rural Housing income limits you see are based on your income at the time of closing, not your future earnings. If your income goes over the limit in the future (as most do) this is fine.
- The income limits are firm, there are no expectations.
The USDA program is great for new home buyers that the income and property location requirements set by Rural Development. USDA offers 100% financing, flexible closing costs options and secure low fixed interest rates. Learn all about USDA loan eligibility requirements and latest guidelines on our web site.
We encourage any home buyers that are close, or just over the income limit to contact us for a formal review by calling ph: 800-691-8826
We serve buyers in Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming USA 2016 USDA Loan Income Limits