As long as nobody complains, the proposed income limits will go into effect on January, 20 for the USDA Rural Housing mortgage program. The tables below are for FLORIDA only; other states will have the increases, as well, but the amounts will vary. This is for 100% financing that also allows a buyer to finance their closing costs!
CURRENT TABLE
|
County |
1-Person |
2-Person |
3-Person |
4-Person |
5-Person |
6-Person |
7-Person |
8-Person |
|
All counties except those listed below |
49,950 |
56,600 |
63,700 |
70,750 |
76,400 |
82,050 |
87,750 |
93,400 |
|
Clay, Duval, Nassau, St Johns |
51,400 |
58,750 |
66,100 |
73,450 |
79,350 |
85,200 |
91,100 |
96,950 |
|
Collier |
56,200 |
64,250 |
72,250 |
80,300 |
86,700 |
93,150 |
99,550 |
106,000 |
|
Gadsden, Jefferson, Leon |
50,000 |
57,150 |
64,300 |
71,450 |
77,150 |
82,900 |
88,600 |
94,300 |
|
Palm Beach |
55,700 |
63,650 |
71,600 |
79,950 |
85,900 |
92,300 |
98,650 |
105,000 |
|
Okaloosa |
50,850 |
58,100 |
65,400 |
72,650 |
78,450 |
84,250 |
90,100 |
95,900 |
|
|
|
|
|
|
|
|
|
|
|
Broward, Pinellas, Monroe are not eligible |
||||||||
|
|
|
|
|
|
|
|
|
|
PROPOSED TABLE
|
County |
1-4 PERSONS |
5-8 PERSONS |
|
All counties except those listed below |
70,750 |
93,400 |
|
Clay, Duval, Nassau, St Johns |
73,450 |
96,950 |
|
Collier |
80,300 |
106,000 |
|
Gadsden, Jefferson, Leon |
71,450 |
94,300 |
|
Palm Beach |
79,950 |
105,000 |
|
Okaloosa |
72,650 |
95,900 |
|
|
|
|
|
Broward, Pinellas, Monroe are not eligible |
For each person over 8-persons, add 8% of the 4-person limit.
NOTE: This is not an income increase for the 4-person and 8-person households. It simply removes the tiers for the 1-3 and 5-7 person households. It does have the effect similar to an income increase for those families in the 1-3 and 5-7 groups.
Reminder: These are NOT gross income limits. THE TOTAL ADULT HOUSEHOLD INCOME CAN BE MUCH HIGHER THAN THE "ADJUSTED" INCOME LIMITS IN THE TABLE. Deductions are allowed for: child care (12 yr old or less) to allow employment of the adult; $480/annual for each non-applicant under age 18; $480/annual for full time student over age 18; and $400 if anyone is elderly or handicapped. If the gross adult household income is less than the limit, you are good to go. If the income is over the limits, use the adjustments.
Contact me right away and let's get you or your clients into a new home by Christmas!!!!
Comments(1)