USDA Increases Income limits- More can qualify.

Yes it should! Plus, it will much easier to remembering only 2 income limits rather than 8.  Thank you for your comment.

Hello.  Thanks for commenting on my blog.  Construction loans are hard to come by at the present time.  You will need to talk with a local banker about obtaining a construction loan.  They are not impossible to obtain, just not easy.  Banks are certainly tight right now.  Many of them have increased their credit rating standards as well as down payment requirements.  Most want you to put a minimum of 20% down with a 720 credit score or better.  I am a mortgage lender.  So, we are in the business to lend money to obtain a home.  Many people watch television and hear the media talk about how you cannot obtain any financing at all.  This information is completely inaccurate.  We are still providing many loans every day from FHA to USDA to conventional. 

United States Department of Agriculture loans are fantastic loans (USDA).  The programs actually date back before FHA was created.  Early on, they were mainly loans for farmers.  Then they evolved and began provided loans to middle to low income families for a primary residence.  Basically, in order to qualify for this loan, the property must be in an eligible area (rural area).  Rural is defined as a city or town with fewer than 25,000 people.   So, the majority of states are rural minus the big cities.  Also, the entire household must have less than a certain income to qualify.  Four people or less is around $70K and more than four is around $90K (every state varies).  Credit scores of 620 or higher are accepted with no questions asked.  Below a 620 is still acceptable, however, we would just take a deeper look into the file.  Rate for the 30 yr fixed in typically lower than all other 30 year fixed programs.

I have attached a flyer that I have created that describes the program.  Please let me know if you need anymore information regarding this loan program or with any other financing needs.  We originate loans in Florida, Georgia, Alabama, Tennessee and the Carolina's.

Have a great week.!