A long-awaited raise in income limits for USDA Rural Housing Development Home Loan is finally here.
USDA was slated to raise the maximum income limits on January 20th of 2009. Unfortunately, USDA had to delay the change, but now finally the income limits have officially been raised. With the income limits raised, more home buyers will now qualify for an RDA Rural Development loan.
OLD INCOME LIMIT 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 INCOME LIMIT RULE
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 require no down payment. It will finance up to 102% of the purchase price of the home. RDA Rural Housing is more lenient on credit and qualifying. The most popular feature is that there is no monthly mortgage insurance, making this one of the most affordable loans in Utah. You will qualify if you have the ability to make monthly mortgage payments, show the willingness to pay the loan back, make less than 125% of the median income and live in a rural area.
Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
801-404-3540 Cell
888-800-1629 Toll Free
Qualify Now Online
First Federal Mortgage, Inc
Salt Lake City, Utah
