My wife and I make $120,000 combine. Do you think we will qualify for a USDA loan?
Thanks for your question!
There are two types of USDA loans: guaranteed and direct.
A direct loan is for low income individuals or homes purchased in rural areas. Income must be low or very low. Very low is defined as below 50% of the area median income, low is between 50-80%.
A guaranteed loan applicant can earn as much as 115% of the median income for the area, must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
Since these income requirements vary by state, click here for more information: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
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