So I've been looking at buying a home I've been in my townhouse for 6 years now and been paying 1280 for a single bedroom. Anyways I've been talking to a couple realtors and one told me about the usda loan since I told her I had to give my sick mom some cash since she's not working I had no more down payment money she said I'd be the perfect person to buy a house with a usda loan since I want to live in the newer areas in San Antonio. But I was wondering do I make too much? I read there's a income limit but can't see what the limit is?
I don't make a killing I only make like 45,000 a year but I work in the oilfield and my overtime is where I make the money so do they go by your overall income or just your base salary? If they count my overtime my checks are well over 9k a month?
You can check your eligibility for both direct and guaranteed loans right through the USDA rural development website, you can also check property eligibility through the same site.
Oh ok I asked if that was true and they told me only the person buying the Homes income counts. I'm buying this house alone and not with my gf on the note. Also I asked what the income cutoff was and my broker and realtor said she just closed on 4 usda homes and they all made between 90-110k and that id be ok. Hmmm.
You can also look at the lender handbook as it is available chapter by chapter for qualifications and you may also look at the packaging instructions for Loan submittal to the USDA office. All available online.