Part 4 – USDA Income Guidelines: 2024-2025 USDA Income Limits Increased!
USDA Income Guidelines: 2024-2025 USDA Income Limits have increased for Florida, Texas, Tennessee, and Alabama!
While many of you know that it is possible to make too much money for a USDA loan, what you might not realize is just how much USDA income limits have increased!
Effective, July 12, 2024, USDA announced an increase to their 2024-2025 USDA income limits for the Single-Family Housing Guaranteed Loan Program.
In today’s video, I will discuss the recent USDA income limit increases and explain why USDA income limits play such an important part in the USDA qualifying process.
If you have not already done so, be sure to download our FREE USDA Blueprint for Success. This educational resource is designed to help walk you through the USDA process step-by-step and is designed for both homebuyers and Realtors alike.
What are USDA loan income limits for Florida, Texas, Tennessee, and Alabama?
It is important to remember that USDA income limits vary based on the county that the property is located in as well as the number of individuals living in the household.
A key part of USDA income eligibility involves determining if your household income will meet USDA income limits which is also known as “Annual Income.”
This will include all household members and NOT just those who are on the loan. Understanding your applicable county USDA income limit is a critical step towards USDA income eligibility.
Just how much have the 2024-2025 USDA income limits changed? As an example, let’s take a look at Florida USDA Income Limits:
Effective July 12, 2024, the USDA Single Family Housing Guaranteed Loan Program has updated their USDA income limits to the following:
- For the majority of counties, a one to four person household has been increased from $110,650 to $112,450.
- For a 5–8-person household, this has now been increased from $146,050 all the way up to $148,450!
Additionally, certain counties will allow for even higher USDA income limits such as Collier and Sarasota. These may be commonly referred to as high cost counties.
These are substantial increases that are already making an immediate impact by helping more families qualify to purchase a home in our rural areas!
For your convenience, click here for a comprehensive list of all updated 2024-2025 USDA income limits.
In Summary:
- Never assume that your income is either eligible or ineligible for a USDA loan.
- Additional factors may apply! As your USDA mortgage professionals, we are here to help with the calculations.
- If you are a realtor or homebuyer who had a previous situation where a loan was denied due to USDA income limits, contact us today and take advantage of our FREE Second Opinion Service.
As a USDA, FHA, and VA Approved Lender in Florida, Tennessee, Alabama, and Texas, let our experience and expertise go to work for you!
Remember, not all lenders have experience with processing and closing USDA loans. Just call, text, or email to discuss a new scenario, and let us show you the “Metroplex” difference!
Toll Free: (800) 806-9836 X 280
Call/Text: (863) 593-2001
SeanS@MPLX.org
Don’t forget to download our USDA Blueprint for Success with this link.
