USDA INCOME LIMITS

[Anonymous]

I was at the mortgage brokers office this afternoon filling out the papers for a loan, wanting a USDA loan. He spoke to them on the phone while I was there to ask a few questions and they said (the USDA lady) that the income limits were probably not going to go up like everyone thinks but that they will most likely be going down! She said that the new batch of funding was basically spoken for so they are going to get another batch and that's why they might change the limits to go down There are too many people wanting loans ans not enough $$, plus it puts to much strain on rural comunities to have to many people move in in a short amount of time. This was strait from my USDA office and I don't think it is supposed to be "known" yet, it would be around february. She also said that these loans we originally supposed to be for farmers and that there is a loop hole that lets regular people by homes but its to busy now that FHA is more restrictive. I hope this is not true!! (P.S.. I missed the cut off by like 5000 bucks , but I can get FHA funding!)

[ShanetheMortgageMan]

There is a lot of information on this going around.  Different USDA offices are giving out different information.  The Arizona USDA offices talk entirely different (much more pessimistic tone) than Florida USDA offices.  I blogged about this awhile ago, will bring it up again with a reponse from USDA that I posted on another message forum.