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How high are current USDA Loan Income Limits?

May 14th, 2021 by usdaadmin

While many know that it is possible to make too much money for a USDA loan, what they don’t realize is just how high USDA loan income limits actually are.

USDA just announced an increase to their household income loan limits for the Single Family Housing Guaranteed Loan Program.

As you will see in today’s video, the USDA loan income limit increase can help both home buyers trying to qualify immediately and also benefit families who are trying to increase their maximum USDA qualifying sales price.
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Also, if you have not yet done so, please download our USDA Blueprint for Success with the link below. This complimentary guide breaks down the USDA process step by step, and is a great educational resource for the home buying process!

How high are USDA income limits?

A key part of USDA Loan eligibility involves determining if your household income will meet the USDA income limits which are also known as “Annual Income”.

This will include all household members – NOT just those who are on the loan. Understanding your applicable county income limit is a critical step towards USDA qualifying.

Today, we will use the income limits published for Florida as an example to show how the recent USDA income limits have changed. Effective 5/4/2020 the following USDA income limits will apply:

  • 1-4 person household: has been increased from $90,300 to $91,900
  • 5-8 person household: has been increased from $119,200 to $121,300

In addition, certain counties will allow for increased limits above and beyond what we discussed today. An example of such would be Collier County, FL.

For your convenience, I have included a link below to check current USDA income limits:

USDA income limits 2021

In Summary:

  1. Never assume that your income is either eligible or ineligible for a USDA loan
  2. Additional factors may apply, and as your USDA mortgage professional we are here to help with the calculations
  3. If you are a Realtor or a Home Buyer who had a previous situation where a loan was denied due to the income limitations in place, contact us today so we can put the pen to the paper and start reviewing

Remember, not all lenders have experience with processing and closing USDA loans. I see this each and every day on the 2nd opinions that come across my desk.

As an approved USDA lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.

Just call or email if you have any USDA qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions.

Remember, do not let the details overwhelm you because that is what we are here for! As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call or email to discuss your scenario and let us show you the “Metroplex” difference!
(800) 806-9836 Ext. 280

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

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