Real Estate Home Mortgages/USDA income limits
Thank you for your time. I'm trying to find the correct income limit amount on 4 persons in Saluda County, South Carolina (rural county) a for the USDA loan. So far I've found 3 different answers. Also, can the loan cover closing cost? If so, under what circumstances?
In 2014, my wife & I exceeded all 3 limits I found. However, in this current year my wife changed jobs & is now bringing in about 50% less this year. I'm estimating $68k this year down from $84k in 2014. Which puts us well under the 3 different limit amounts I found. Our debt to income ratio is perfect & our credit is great (upper 700's).
We currently rent having sold our house last year. We lack the collateral to obtain a FHA loan or conventional loan. I just want to be certain of the exact income limit amount for the USDA loan. Also, do you have any suggestions as to what other options we have as far as loans. Neither one of us is a veteran.
Sorry; I do not do USDA loans.
Here's a Link that might help you.
Typically a local Bank lender is best for this type of loan.
You should be able to get the information you need direct from the USDA at:
All the best,
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