The USDA has increased the income limits for their $0 down home loan program!
For almost all of the counties in Florida the new USDA income limits for a household of 4 or less is $82,700. For a 5-8 person household the new income limit is $109,150.
| 1- 4 person household | 5 – 8 person household | |
| All FL & VI counties EXCEPT those listed below: | $82,700 | $109,150 |
| Collier | $86,250 | $113,850 |
| Palm Beach | $88,400 | $116,700 |
| St. John Island, VI | $88,100 | $116,300 |
| INELIGIBLE COUNTIES are Broward, Miami-Dade, Monroe, and Pinellas | ||
| Add 8% of 1-4 person limits for each person in excess of 8 persons. | ||
The $0 Down USDA Home Loan Program is a great tool for many home buyers. Remember that even if someone in the house isn’t going
to be on the loan and they are receiving income then their income would still be applied to the USDA income limit. The USDA can be lenient in many regards when it comes to credit and collections but when it comes to income limits they simply do not budge. The only exclusion to calculating your income for the purposes of making sure you are under the limit would be documented child care, a $500 deduction per dependent and if you have a one time bonus that you can prove is out of the ordinary or would in no way be consistent. For example, a bonus for moving to a different corporate location and receiving an incentive to do so.
Even if in past years you have made under the USDA income limit, but your new projected salary would put you over the limit for the current year once you file your taxes the USDA would not consider you to be eligible for the program. That’s why these new increased USDA income limits are so helpful. It opens up the program for more users. If you are looking in an eligible area and qualify under the USDA income limits the program typically supersedes the benefits of FHA financing.
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