topic Re: USDA loan income limit question and new construction in Mortgage Loans

USDA loan income limit question and new construction

joelo0 — Wed, 28 Nov 2012 09:37:11 GMT

So hoping someone can chime in who can give me an idea on the loan process for the USDA program (guaranteed loan).

Looking at new construction for a USDA loan. Currently fiancee and myself are under the income limits by about 10k based on our hourly incomes. The issue that is coming up is I just accepted a job offer that would put us over the income limits but requires a lot of security clearances (government position) which I was told can take quite some time (several months). When would the income be checked in regards to eligibility for a new construction home? Does it happen at completion of the house or before or multiple times? I would not want to agree to a contract on the home and find out because of the new job that I'm ineligible for USDA. I'll be at my current job until I found out about the other job.

Re: USDA loan income limit question and new construction

tooleman694 — Wed, 28 Nov 2012 16:02:06 GMT

When you are going thru underwriting they will check with your current employer.

Re: USDA loan income limit question and new construction

joelo0 — Wed, 28 Nov 2012 16:09:57 GMT

I see and the underwriting is done before construction or is that done at closing of the house (end of construction)?

Re: USDA loan income limit question and new construction

tooleman694 — Wed, 28 Nov 2012 16:23:22 GMT

It depends on your builder, my builder made me get pre-approval and go thru underwriting before we started building. When we are close to finishing the build we have to go thru the same process all over again.

When I built my first home, they didnt require a thing. We just did all the loan stuff right before the home was done.