Tomorrow, April 20th, is the day that the U.S Department of Agriculture increases its maximum income requirements to qualify for Rural Development Guaranteed home loan program.  This increase is long over due.  Technically, USDA is at least a month late in the increase. 

The new income limit will allow so many for buyers of primary residences the ability to qualify for a USDA insured home loan.  Currently, the income requirements are structured on a "per member" household.  Tomorrow, Monday, April 20th, the income limits will be transformed into a two-tier system.

For borrowers that are looking to purchase a primary residence, the requirement for a household of 1-4 will equal the current 4 person limit for property's county.

For borrowers with a household of 5-8, the income limit will equal the requirement for an 8 person household for the corresponding county.

For most counties, the income limit for the 1-4 person tier is roughly $70,000.  For the 5-8 person tier, the limit is roughly $90,000.  Please keep in mind that every county is slightly different.  If you would like to find out what your county's requirements are, then visit www.USDALoanExpert.com.

The Rural Housing USDA home loan program has exploded in popularity over the past few months due to all the extreme limitations.  In fact, so popular that USDA depleted their allocated yearly funds.  USDA has been provided new funds for the year and their programs are all in full swing.

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