The USDA does indeed set income limitations for qualifying for the USDA Rural Home Loan, but a little known fact is that most folks have “adjustments” to their income that will help them to qualify for the USDA Rural Development Home Loan.
The USDA will Review two types of income for qualifying for the USDA Rural Development Home Loan:
What do the USDA Rural Development Home Loan guidelines consider as “Adjusted Household Income”? It is basically gross income MINUS any eligible deductions.
Here is a list of 7 eligible deductions for qualifying for a USDA Rural Development Home Loan.
These adjustments to income can help you qualify for the USDA Rural Development Home Loan if your basic income puts you over the limit.
Jamie is a senior loan consultant at AnnieMac Home Mortgage and specializes in USDA and VA mortgage products. If you have any questions feel free to contact him at 856-505-6718 or email him at firstname.lastname@example.org.