Sue's News and Views - Mortgage Blog

On Monday, April 20, USDA Rural Housing income limits were increased.  Here are our local limits and, if you are located elsewhere, just email me and I can tell you the limits in your area. 

Okaloosa County: 

If there are 1-4 persons in the household, maximum income is $76,250 and if there are 5-8 persons in the household, maximum income is $100,650 

Escambia, Santa Rosa, Holmes, Bay and Walton Counties: 

If there are 1-4 persons in the household, maximum income is $73,600 and if there are 5-8 persons in the household, maximum income is $97,150. 

This is a great tool to allow prospects who were sitting on the fence to purchase now and close before December 1, 2009 and take advantage of the $8,000 tax credit.  How many buyers do you have that would love to finance 100% of the sales price PLUS ANY CLOSING COSTS THAT THE SELLER ISN'T PAYING AND/OR THEIR PREPAIDS??!! 

Did you know that the funding fee for the USDA loan is also tax deductible??  (It works on a VA and FHA loan, too!)

Don't hesitate to contact me - we can help you get to closing!!!

USDA Rural Development has confirmed that the proposed change in the income limit structure for the USDA Guranteed Rural Housing Program will be implemented as planned on April 20^th!  This will allow a lot more people to qualify for one of the only 100% financing programs left, and certainly one of the only ones that allows you to include closing costs in the mortgage (if supported by the appraisal)!

In summary, the current income limit structure that is based on household incomes will be restricted as follows: 

Okaloosa County:

Household of 1-4 persons in it: Max Gross Income of $72,650

Household of 5-8 persons in it: Max Gross Income of $95,900

Walton County/Bay County/Santa Rosa County/Escambia County:

Household of 1-4 persons in it: Max Gross Income of $70,750

Household of 5-8 persons in it: Max Gross Income of $93,400 

We cannot submit any loans with these increased income limits to USDA until April 20 but we can take applications and get the file processed prior to that date.  This should be a huge boost to our market as more people will be able to purchase with absolutely no money down!!!!!

Contact me and let's get you or your client prequalified and closed with NO MONEY DOWN!!