The U.S Department of Agriculture Rural Development has received the new 2020 income limits for the direct homeownership loan program. The increased income limits may make more households eligible to obtain 100% financing through the agency’s program for homeownership. The income limits are based on the county and the size of household.
For the direct loan program, 1-4 person households can have incomes of $57,300 and for 4-8 person household incomes of $75,650. The income limit for some counties may be as high as $69,600 for 1-4 persons and $91,850 for 5-8 person households. A full list of income limits by county and household size are available at Single Family Housing Direct Home Loan Program.
USDA Rural Development loan programs are available to assist low- and moderate-income households to become homeowners when conventional financing is not available. Barriers to obtaining affordable housing may include lack of cash reserves for down payment and the availability of suitable financing. USDA Rural Development’s direct loan program offers affordable fixed rates with no down payment. The current interest rate for the direct program is 2.75 percent. Depending on household incomes, mortgage payments may be further subsidized to as low as an interest rate of one percent.
Properties eligible for Rural Development financing must be in rural communities. All communities in Nebraska are eligible for USDA Rural Development housing programs with the exceptions of Fremont, Grand Island, Hastings, Kearney, Lincoln, North Platte, Omaha and South Sioux City/Dakota City.” An income eligibility calculator and eligible rural areas are available at: https://eligibility.sc.
Applicants must have acceptable credit history and repayment ability. Credit scores of 640 or greater are typically considered as acceptable, however, credit scores below 640 may also be considered with additional credit analysis.
Visit the Single Family Housing Direct Home Loan Program for more information and a list of contact information.
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May 24, 2020 at 07:03AM
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