We receive many questions about the household income limits associated with USDA loans. The income limits can vary greatly depending on household size, county, and state. Applicants can look up their county income limits pretty easily to check and see if they meet the 2017 USDA eligibility parameters. The income limits is a key factor in determining if you are eligible for USDA financing. USDA has a simple household income calculator found here where buyers can fill in all the numbers calculate. Interested applicants can go to the online income calculator and choose their property state, county and answer a few questions in regards to any dependants, elderly or disabled members living in the household. 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 us at Ph: 800-691-8826. We serve home buyers nationally.
Some helpful tips and reminders when using the 2017 USDA housing income calculator:
- Include the income of ALL members that will be living in the house – even if they are not qualifying on the USDA loan application. Remember, the USDA income limits apply to ANY party 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 USDA Rural Housing 502 Guaranteed income limit for a standard household of 1-4 people is around $75,000 in most counties in the U.S. The income limits go significantly higher for the household that has 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 processed by approved USDA lenders and mortgage companies.
- Be sure to input your current GROSS income (before taxes)
- If your income is close to the set county limit, be sure to include any income deductions for dependants, child care or disability. This can greatly help offset some income to help you qualify. If you aren’t sure about something, let us help!
- The USDA Rural Development income limits are based on your income at the time of closing, not your future earnings. If your income goes over the limit in the future after you close on your home (as many do) this is acceptable. Read more about USDA purchase FAQ’s here.
- The income limits are firm, there are no expectations. Please contact us to discuss other low down payment financing options if you find your income exceeds the limits.
- The income limits apply to both the USDA Purchase and USDA Refinance program.
Home buyers with questions can submit the Quick Contact form on this page or just call ph: 800-691-8826. Serving: 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