It will be even easier to secure an USDA Rural Development loan after January 20th, 2009. In the Federal Register a direct final rule was published to change the structure of how income limits are determined. These income limit changes will be effective on January 20, 2009, unless adverse comments are received by January 5, 2009. (No adverse comments were received in the advance notice that was published on April 10th of this year.) This change will raise the income limits for most families.
OLD RULE
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| $49,550 | $56,600 | $63,700 | $70,750 | $76,400 | $82,050 | $87,750 | $93,400 |
NEW RULE (Effective January 20th, 2009)
Utah, Logan, Morgan, Tooele, Washington, Beaver, Box Elder, Carbon, Daggett, Duchesne, and Uintah County
| 1-4 Person | 5-8 Person |
| $70,750 | $93,400 |
Summit County
| 1-4 Person | 5-8 Person |
| $88,400 | $116,700 |
USDA Rural Development loans will finance up to 102% of the purchase price. It is a wonderful program for those who do not wish to put any money down on their home. There is no monthly mortgage insurance with this loan making it an extremely affordable option.
Mike Harrison
First Federal Mortgage, Inc
Principal Lending Manager
Salt Lake City, Utah
801-404-3540 Cell
888-800-1629 Toll Free
