Are There Income Limits When Applying for a Rural Development Loan?
Q: Are There Income Limits When Applying for a Rural Development Loan?
A: To qualify for a USDA Rural Development Loan, your income cannot exceed the USDA income limit set for the county in which you are purchasing property.
Here at the USDA Loan Agency, we offer detailed information on state specific USDA Loan Income Limits by county. To find out the income limits set for the county in which you reside, please visit our USDA Loan Eligibility page.
Take note that when calculating income limits, all gross household income must be counted toward the your total annual income– Meaning that if more than one person resides in the household, the income of all household members will be combined and calculated.
However, it is also important to note that there are a number of adjustments and amendments that can be factored when determining eligibility. Items like child care, medical expenses and dependents may be able to be deducted from the gross income limit. For this reason, you should never assume that you do not qualify for a USDA Home Loan. Instead, contact the experts at the USDA Loan Agency. Our certified loan agents will quickly identify your needs, and offer you the type of expert advice you deserve.