Income Limits For A USDA Loan
The income limits for a USDA loan determine the maximum limit of money a household can make and still obtain a USDA loan. This calculation is based on everyone living in the house not just who is on the loan. There are no exceptions and this limit is not flexable.
There are two numbers set for each county the first is a 1-4 person household and the second is for more than 5 people living in the home.
There are several things that can be deducted from household income to qualify for a USDA loan.
You can deduct $480 for every qualified dependant such as a member of the household who is 17 or younger, an individual with a disability or a full time student. YOu can also deduct $400 if there is one or more elderly persons living in the household.
You can deduct child care, medical expenses over 3% and the third is medical expenses for elderly persons. income limits for a USDA loan
USDA Loan Income Limits 443-624-9398 http://www.usdaloanhome.com/maximum-income/ Learn how the income limits are calculated and what you need to know about USDA income limits and how it affects your ability to get a USDA loan.
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