and would i include my children? daughter is 15, son is 17 and they both work but their income is not used toward bills at all. husband is head of household and brings in $68,000 per year. with my children combined our house makes about $30,000 more per year but the oldest will be leaving for college. will we qualify for usda? by living4lorna78462635 from Fayetteville, Ohio. Jul 15th 2014
I believe the income limit in Brown County for a Family of 4 is 74,750. Here is a link http://www.rurdev.usda.gov/SupportDocuments/OH%20GRH.pdf that give you other counties numbers. More information is needed regarding the other $30,000 in income. I suspect you will be over the limit.
I agree with Tim. Although if your oldest will be moving out prior to obtaining the loan, then you should be able to omit his income, but with the income limit being so close to your husbands income, your daughter would have to be making less than $6750/year to consider qualifying.
Hi Living4lorna, As long as your kids are full time students, their income isn't counted in the household limit. In fact you get to deduct $480 per child from your household income. Please feel free to contact me for more information or help. John Burke | Senior Mortgage Banker | Great Plains National Bank | http://www.usdamortgageonline.com | (877)228-9069 | Lending in all 50 states |
More info would be needed, but it's possible you can qualify. Do yourself a favor.. try contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan scenario, they should be able to guide you properly.. if you don't qualify for USDA, there might be other programs which might help you purchase.. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Good Evening. Follow the link I am including and choose your State and fill out the Income Calculator Tool as it will provide you with information as to if your income fits within the lending guidelines for USDA. http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do
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