News
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New Income Limits for Oklahoma USDA Borrowers
05/12/2021
ReturnWe have great news for home buyers who would like to buy a home without using a down payment in Oklahoma!
The USDA Rural Development program just notified us that they are going to make it easier for a borrower to qualify for their program. They have increased the income eligibility limits in Oklahoma to allow more borrowers to use this great program to buy a home or refinance.
Now the limit for a family of 1-4 is $91,900.
If you have a family of 5 or more it has been raised to $121,300!
The USDA Rural Development program calculates the total annual income of every adult member in a household towards the USDA income limit, regardless if they are a part of the loan. The USDA will calculate an adjusted annual income, which means they will look at acceptable deductions for expenses like childcare, medical expenses and more when determining income eligibility.
Remember, income eligibility is different than qualifiable income. Income eligibility is used to determine if you are eligible for the USDA Rural Development program. Qualifiable income takes into account your monthly debt payments, plus your new house payment and when you add these together, should not exceed 41% of your pretax income. For borrowers who have compensating factors showing they are of a higher borrower quality, the USDA will make exceptions up to 43% in some cases.
This is going to help so many people across Oklahoma that have not been eligible in the past buy a home that meets their needs.
Would you like to take the next steps to see if you can buy a home with no down payment using the USDA Rural Development home loan mortgage program? Click here to get started while funds are available.