USDA Rural Home Loan qualifying with Income Adjustments

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Education & Training

The USDA does indeed set income limitations for qualifying for the USDA Rural Home Loan, but a little known fact is that most folks have “adjustments” to their income that will help them to qualify for the USDA Rural Development Home Loan.

The USDA will Review two types of income for qualifying for the USDA Rural Development Home Loan:

  1. Adjusted Household Income
  2. Repayment Income (Gross Earnings) What do the USDA Rural Development Home Loan guidelines consider as “Adjusted Household Income”? It is basically gross income MINUS any eligible deductions.

Here is a list of 7 eligible deductions for qualifying for a USDA Rural Development Home Loan.

Read the 7 deductsions at USDA Rural Home Loans

Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

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Rainmaker
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Tom Burris
NMLS# 335055 - Baton Rouge, LA
Texas/Louisiana Mortgage Pro - 13 YRS Experience

Good tip Paul.

Did you know.... They are adjusting the household income next year? 

Instead of 1 or 2 or 3 or 4 ect... They go to 1 - 4 & 5+

Not official yet.... heard it from a rep.

This will help a LOT!!!

 

Dec 14, 2008 01:56 PM #1
Rainmaker
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Paul Dunn
Tucson, AZ
former orginator

Tom - We've seen the rough information on that and it will be a big plus.  They're also changing boundaries as of Jan 1 so be sure to double check everything.

Dec 15, 2008 02:02 AM #2
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Rainmaker
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Paul Dunn

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