The USDA Home Loan income limits in Washington State are not that bad. The limits vary per County and the number of people living in the household. We are allowed to deduct $480 per child, annual child care expenses and $400 for elderly or disabled persons from the gross income.
For example:
Family of 4 - Mom, Dad, child age 14 and child age 6.
Gross annual income before any deductions is $91,000. The Income limit for Snohomish County is $88,400. Let's assume the 14 year old no longer requires childcare but the 6 year old goes to an after school daycare program during the school year and full time during the summer.
USDA Income Limits were updated 4/20/2009....
- Gross Income $91,000
- Deduct $480 for 14 year old
- Deduct $3,900 child care for 6 year old
- This brings our income to $86,620 which is below the County Limit of $88,400.
That's great news! This family meets the income guidelines established by Rural Development.
To find out if you are eligible under the income limits for Washington State be sure to visit my post on USDA Income Calculation to learn about the types of income considered eligible for a USDA Home Loan as well as how your income will be calculated. There is also a great income calculator on the USDA Income Eligibility Website.
Never assume that you may not be eligible for a USDA Home Loan without first speaking to a qualified USDA Lender.
thank you, this one help me alot.
Posted by: Home Loans | July 08, 2009 at 05:51 AM
I applied for usda loan in berlin new hamphire they said i had two much credit cards and owe to much we had hard winter up here cost of oil cars repairs put 9000 dollars in hole on are cards we pay 1200 a month for mortgage we are asking for help to lower are mortgage interest rate so my wife can stay in are home we are in 75th years be the goverment dont can about old people .We paid are mortgage all on time for 30 years but that dont count , we need help some one has to .
Posted by: joseph desmarais | July 23, 2009 at 11:43 AM
How much i can get loan for home?
Posted by: Debt Rescue | January 18, 2010 at 03:12 AM