100% Mortgage Financing in Gloucester and Salem Counties | USDA | New Income Limits

The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective June, 2, 2010.  The income eligibility is determined by the number of people living in the household, not the number of people on the application. 

Under the income limit structure, the current income limits are:

1 - 4 Person Household:  $74,050

5 - 8 Person Household:  $97,750

Unlike other home financing programs, there are no loan limits with the USDA Guaranteed Rural Housing Program.  The maximum loan amount for USDA Guaranteed Rural Housing applicants is based on their ability to meet the repayment ratios for the program, while simultaneously staying within the programs income limits. 

Be sure to choose a Realtor and lender who have experience with the USDA program along with the requirements and time limits that go along with the loan program.  Treasury Mortgage in Mantua is authorized by USDA to underwrite these loans in-house making for a much smoother transaction and a much quicker turn around.