USDA Income Limits for 2016
USDA Income Limits Remain Unchanged for 2016 USDA Loans: Low Rates With No Downpayment
USDA Loans are mortgage loans which are backed and guaranteed by the United States Department of Agriculture. These loans are sometimes known as Rural Housing Loans or "Section 502" loans, which are named for it's place in the USDA Charter. USDA loans are extremely popular by both first-time homebuyers and even previous homeowners due to their low, competitive interest rates but also there is no need for a down payment. USDA loans also offer lower monthly mortgage insurance premiums (MIP) than some of it's popular counterparts, FHA and Conventional loans.
2016 USDA Loan Income Limits
While underwriting requirements for USDA loans will vary based on the credit profile of the borrower, there is one requirement where there is absolutely no leeway and that is with the household income limit for the area you are purchasing in. USDA has set specific income limits based on the size of the household. Categories are based on household sizes of 1-4 and then household sizes of 5-8. 2016 Income Limits are based on household size:
1-4 member household : $75,650
5-8 member household : $99,850
There are some areas with slightly higher limits. For example, in Huntsville, AL MSA, the income limits for a 1-4 member household is $84,900 while a 5-8 member household is $112,050. USDA has published a great new PDF document that lists every area in every state. You can view that document by here. You can always go to the USDA eligibility website and lookup the income limit for the area you live or what to purchase here. Get a Free USDA Home Loan Quote
If you're looking for a low- or no-money-down home loan, then the USDA loan may be the perfect option for you. You can get a free USDA home loan quote now! There is no obligation to proceed, and we'll be happy to answer all your questions. CLICK HERE TO GET A USDA QUOTE NOW!