USDA Modifies Income Limits for Their USDA Guaranteed Rural Home Loan
I received an announcement today from the USDA indicating that the changes that we have been hearing about regarding the income qualification levels for the USDA Guaranteed Rural Home Loan are in deed fact. As of 4/20/2009, the USDA will change the income tiers. This will open up an already great program to even more Oregon and Washington borrowers, as well as the rest of the nation.
As an example, currently a single person would qualify based on significantly less income than a family of 4. Now, the two borrowers would qualify at the same income tier.
Here's the bulk of the email update:
Income Limit Modification
As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 - 4 member household and a 5 - 8 member household will replace the 1 - 8 person structure. The present add on limits for larger households will remain the same.
Look for the new limits to be posted to our eligibility website April 20, 2009 at http://eligibility.sc.egov.usda.gov/eligibility/.
The USDA Guaranteed Rural Home Loan is only available for purchases of homes in Rural areas, and many small towns located near larger cities.
As an example, in Oregon, Sherwood, Newberg, and Canby qualify, but Grants Pass, Medford and McMinnville do not.
Call or email me if you have questions regarding this great program, or just visit my website to learn more about this home or to view a few USDA qualified homes.
Larry Morris
www.PDX-Mortgage.com
Larry Morris is a Certified Mortgage Planning Specialist and Certified Mortgage Coach with Golf Savings Bank in Beaverton, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans and conforming purchase and refinances in the states of Oregon, Washington, Idaho and California.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
