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!!!
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