My wife and I make $120,000 combine. Do you think we will qualify for a USDA loan?

My wife and I make $120,000 combine. Do you think we will qualify for a USDA loan?
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#1

My wife and I make $120,000 combine. Do you think we will qualify for a USDA loan?


#2

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.

(From http://en.wikipedia.org/wiki/USDA_home_loan)

Since these income requirements vary by state, click here for more information: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Good luck!


#3

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