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Special Procedure Notice from USDA sets Higher Income Limits for Oklahoma USDA Borrowers

USDA RURAL DEVELOPMENT INCOME ELIGIBILITY FOR 2022
The USDA Rural Development income limits for all of Oklahoma have been increased to $103,500 for a 1-4 person household and $136,600 for 5+ household. This is an all-time high which will allow much higher purchase prices for those using the program to purchase a home with no down payment. The USDA home loan program provides an affordable, zero-down home financing option for home buyers in many areas of Oklahoma. You do not need to be a first-time home buyer to take advantage of this program. The USDA sets standard income limits to ensure these home loans are readily available to the people they serve.

To be eligible for a USDA home loan, your total household income cannot exceed the local USDA income limits. USDA loan income limits act like an eligibility threshold. If your household’s combined total income is less than USDA’s limit, you can apply for the USDA zero-down loan program. USDA sets new limits every year. These limits are capped at around 15% above the average median income for households in the area. USDA qualifies applicants using income from each adult earner in the household, regardless of whether they are on the loan application or not. Add each adult’s annual income to find your household’s total annual income to get an idea of where you stand.

The Misconception: USDA loans limit how much home buyers can borrow in addition to setting income limits.

Maximum program loan amount limits do not apply to USDA home loans. USDA income limits are often confused with maximum loan amount limits applying to other mortgage progrmas like FHA or Conventional home loans. In reality, there is no such loan amount limit for USDA home loans. USDA loans empower buyers to borrow as much as they are able to repay. In other words, if you meet the USDA underwriting requirements, you can likely borrow as much as the USDA Rural Development Loan Program will give you.

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Am I Eligible?

The property to be purchased must meet specific guidelines to qualify for a RD mortgage:

USDA Home Loans are intended for families interested in purchasing single family, stick built homes. Investment properties, homes that are considered income producing properties, and mobile homes are not eligible for USDA financing. A USDA loan is a perfect loan for a home that is considered ‘move in ready’ and not in need of major repairs.

The other factor to determine eligibility would be the location of the home. USDA Home Loans are available to people who live in rural and suburban communities. Generally speaking, Rural Development defines a rural area as a city, or community of residence USDA has set household income limits that need to be checked to determine eligibility. To view a detailed list of each state with county limits visit our USDA Home Loan information by state page.

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Special Procedure Notice from USDA sets Higher Income Limits for Oklahoma USDA Borrowers 06/08/2022

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